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Forex: GBP/USD bears smell blood; poised for a run toward 1.5940?

By FXstreet.com,  January 04, 2013, 01:26:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD dipped to find a short-term base at 1.6055 in Asia, "[opening] the door for a bearish run toward the 1.5940 area," Valeria Bednarik, Chief Analyst at FXstreet.com says in a research note. Spot now hovers tight in range around 1.6075 as Europe approaches, down 0.2% from the North American close in an overnight extension of dollar weakness. "Pound was dragged lower against the greenback by market sentiment," explains the analyst. "The upside now is limited by 1.6140 static resistance level, and unless a clear recovery above, further falls are to be expected."

On the fundamental front, all eyes are on the official US Payrolls Report today, with the market expecting the world's largest economy to have added 150K jobs in December.




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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