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Forex: GBP/USD erases intraday losses

By FXstreet.com,  April 13, 2012, 07:50:00 AM EDT

FXstreet.com (Córdoba) - The pullback of the Sterling against the Dollar from a high of 1.5985 scored late NY session Thursday, was contained by the 20-day SMA at 1.5908 from where the pair recently bounced, erasing intraday losses.

GBP/USD saw a quick jump to the 1.5965 area and at time of writing it is trading around 1.5950, where it is virtually unchanged since opening.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that a clear break above 1.5960, should trigger a continuation rally towards the 1.6000 mark, although gains above this area seem now limited.

"To the downside, the pair needs to lose the 1.5910 level, to confirm a downward movement towards the 1.5860/70 price zone", said the analyst.




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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