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Forex: GBP/USD bounces off support

By FXstreet.com,  December 28, 2012, 06:47:00 AM EDT

FXstreet.com (Barcelona) - Having declined to post a daily low at 1.6077, GBP/USD has found support and climbed to come within range of the morning high at 1.6129.

The pair, currently trading at 1.6121, found support between Fibonacci S1 support at 1.6071 and Camarilla S1 at 1.6086 before retracing its morning decline. After a morning of damp European data, focus now shifts to the US calendar with Chicago PMI at 14:45 GMT and US Pending Home Sales at 15:00 GMT. Bijoy Kar of MIG Bank notes that the pair has declined after the unsuccessful test of strong resistance at 1.6302/09. He notes that recent lows at 1.6101 have been broken and the next support comes at 1.6003, the 07/12/2012 low.




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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