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Forex: GBP/USD at key resistance 1.6170/80

By FXstreet.com,  February 17, 2011, 06:54:00 PM EDT

FXstreet.com (Barcelona) - The GBP rallied on Thursday, on the back of another round of optimistic comments by Bank of England MPC member Andrew Sentance, who called for higher rates to counter inflation. GBP/USD tailed off at 1.6168, again fluctuating on its highest level for two weeks.

Valeria Bednarik, Chief Analyst at FXstreet.com, explained the technical side of her bullishness in the pair, saying: "Ending the day barely above the descendant trend line, bullish momentum in Pound seems ready to extend in the cross, as indicators remain heading north above their midlines".

Valeria added: "The 20 SMA shows a strong bullish strength. 4 hours chart shows price also detaching from 200 EMA now around 1.5960, giving further support for the bullish continuation perspective. 1.6120 support should keep the downside limited on dips".

Support levels: 1.6160 1.6120 1.6060, Resistance levels: 1.6185 1.6230 1.6280




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

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