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Forex: GBP/USD continues retracement

By FXstreet.com,  January 03, 2013, 04:13:00 AM EDT

FXstreet.com (Barcelona) - GBP/USD has continued to climb off overnight support following a raft of mixed to positive European economic data.

Spanish Unemployment numbers beat expectations alongside Swiss PMI and German Unemployment. However, EU M3 Money Supply came in softer than expected. Spot is currently trading at 1.6238, just below Camarilla S1 support at 1.6242, and looks to be receiving some resistance from the hourly 20 and 55 MA´s. Ahead, BoE Credit Conditions and UK PMI Construction numbers are due at 09:30 GMT. Richard Lee, Independent analyst for FXstreet.com notes that although rising through the 1.6200 round number, spots upside potential has now thinned out ahead of resistance at 1.6300 and failure to rise above the psychological barrier would prompt a retest of support at 1.6172.




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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