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Forex: GBP/USD, capped at 1.6355, dips to 1.6300 area

By FXstreet.com,  June 02, 2011, 04:03:00 AM EDT

FXstreet.com (Barcelona) - The Pound has been rejected at 1.6355 at London session opening times and dipped below the consolidation range formed in Asian session, to extend the near-term retreat from 1.6550 to levels right above 1.6300.

On the downside, below 1.6300/15 (day lows), the pair might find support at 1.6260/70 (May 26 low/intra-day low) and 1.6145/50 (uptrend support line from May 2010 lows). Resistance levels lie at 1.6350 (day high), and above here, 1.6400 area (intra-day level) and 1.6500 (Jun 1 high).

The FXMarketAlerts Team sees a potential, buying area here for a potential corrective bounce: "Unwind off 1.6545 has now reached the 1.63~ previous break; feasible buying level for return through the 1.63-5 bracket. Overnight trade is balanced here; no immediate pressure on the lows."




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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