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Forex: GBP/USD declines off pivot resistance

By FXstreet.com,  January 07, 2013, 06:27:00 AM EDT

FXstreet.com (Barcelona) - Having climbed throughout the morning session, GBP/USD has slightly declined after meeting resistance at the daily pivot point.

Spot climbed off a morning low at 1.6010 to post a high at 1.6068 but failed to break higher, being pinned back by daily pivot point resistance at 1.6064. The uptrend still looks viable with the hourly 20 MA offering support to price at 1.6053 and RSI moving with a slight upside bias at 50. Today´s economic calendar is especially thin, with UK House Prices beating expectations along EU Investor Confidence. EU PPI disappointed forecasts.




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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