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Forex: GBP/USD below 1.6200 after the 3-day weekend in London

By FXstreet.com,  May 08, 2012, 12:54:00 AM EDT

FXstreet.com (Barcelona) - Cable is currently at 1.6174 near session lows at 1.6169, higher for the week by +0.21%, and still above last week Wednesday's and Thursday's lows. The pair is retreating from a double intraday high at 1.6200 after a bounce following yesterday's lows at 1.6114. London traders will come back today from a 3-day weekend after last NFP data and elections results in Europe Sunday.

According to the FXMarketAlerts Team: "GBP supported on EUR/GBP sales, Asian sovereign, accounts, CBs selling ahead of 1.6200 - possibly linked to intervention curb USD/Asians , eye INR, KRW, IDR. GBP/USD eye M.E. Swiss, sovereign bids below 1.6100, stops below 1.6050 and key 1.6000 again. EUR/GBP eye 3-yr 6-m lows 0.8037 on Euro concerns. Huge options at 0.8000," the team says, adding: "Corrective pullback from last week's high of 1.6303 further boosted by the break of 1.6154 support and with daily tools weighing down, lower support at 1.6082 is now targeted ahead of 1.6063. Only swing above last Friday's high of 1.6203 to fade current weakness," the analysts conclude.

Immediate support for the downside shows at Thursday's lows 1.6153, followed by April 20 highs 1.6144 and yesterday's lows at 1.6114, while for the upside closest resistance for GBP/USD is located at yesterday's highs 1.6200, followed by Thursday's highs 1.6217 and May 01 highs 1.6253.




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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