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Forex: GBP/USD buoyed by Chinese data, soars to 1.5480

By FXstreet.com,  September 13, 2010, 02:37:00 AM EDT

FXstreet.com (Barcelona) - The Pound is going through a sharp rally moments ahead of the European session opening and recovery from 1.5345 low on Friday's US session, has broken above 1.5420 boosting to a fresh session high at 1.5480, to regain loses from last Thursday and Friday.

On the upside, the pair is testing resistance at 1.5465/75 (Sept 9/10 highs), and in case of success, next resistance levels could be at 1.5535 (Sept 8 high) and 1.5595 (Aug 26 high). On the downside, immediate support lies at 1.5345/50 (Session low/Sept 10 low), and below here, 1.5295 (Sept 7 low), and then 1.5250 (Jul 23 low).

GBP/JPY has been trading sideways, between 129.45 and 1.2985 during Asian session, consolidating losses after decline from early August high at 137.80 found support at 3-months low 127.80 last week.




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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