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Forex: GBP/USD bears looking toward 1.6000

By FXstreet.com,  January 07, 2013, 01:34:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD stands at 1.6023 vs. the 1.6075 close overnight Friday, under pressure on USD bids. "As per now, the downside remains protected by buying interest in the 1.6000/1.5990 price zone," observes Valeria Bednarik, Chief Analyst at FXstreet.com. "Break below this last will open doors for a retest of 1.5820/40 area over the upcoming sessions." The analyst also says that price needs to overcome static resistance around 1.6120 for an upside correction.

Technically speaking, the HY Markets Research Team says: "Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible nearterm. Today's close below last Thursday's low crossing confirms that a shortterm top has been posted. If it extends this week's decline, November's low crossing is the next downside target. Closes above the 10day moving average crossing would temper the near-term bearish outlook."




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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