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Forex: GBP/JPY bounces at 140.20 and returns above 141.0

By FXstreet.com,  May 06, 2010, 05:16:00 AM EDT

FXstreet.com (Barcelona) - The Pound is taking back some of the 160 pips lost at European opening and, after bouncing from 2-weeks low at 140.20, the pair has returned above 141.00 and trades at 14140 area at the moment of writing.

On a wider perspective, César Leiceaga, technical analyst at Deltastock.com observes a short-term top, which would be confirmed with a close below 140.00: "Broke 142.00 support, now testing bullish trendline, the short term top is in place but needs to confirm it with a close below 140.00."

Support levels, according to Leiceaga, lie at 149.00, 139.00 and 136.00. Resistance levels are 141.00, 143.00 and 144.90.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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