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Forex: GBP/USD bounces from intraday lows; reproaching 1.6150

By FXstreet.com,  December 13, 2012, 01:03:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD is recovering from its 1.6123 intraday low and now trades back around its starting price after the closing bell late Wednesday. A move above 1.6150 may inspire a retest of the 1.6170 resistance area in the hours ahead, with further resistance noted at 1.6215 (Oct 5 high), 1.6265 (Sep 28 high) and 1.6310 (Sep 21 high). The 50 MA at 1.6116 offers support on dips, 38.2% retracement support then comes in at 1.6105, and 1.6095 (Dec 10 high). Price action is likely to be driven by global equities and sentiment ahead of November US retail sales data, expected to show a rebound to 0.5% m/m from -0.3% in October.




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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