Forex: GBP/USD extends pullback to levels below 1.4300

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FXstreet.com (Barcelona) - Pound's pullback from Asian session high at 1.4465 found support at 1.4315 and attempted to bounce up on European morning although, unable to break above 1.4400 resistance area, the pair has pulled lower, reaching levels below 1.4300.

On the downside Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets, points out to 1.4240 support area, which defends targets at 1.4100: " On the downside, we have a clear 100 pips before nearest support at 1.4240 range lows; but a break below there would open up targets below around 1.4100 (30 March 2009 lows) and 1.4015 (lower edge of the 1-month downtrend channel)."

On the upside, the pair should break above 1.4520 to extend bullish reversal, says Rosenstreich: "The bulls will want to see a resurgence back above 1.4520 to be confident of a reversal higher; and should we get that later today then it will potentially confirm a double bottom formation with a target in the region of 1.4800."



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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