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Forex: GBP/USD extends recovery to fresh highs

By FXstreet.com,  December 28, 2012, 12:37:00 PM EDT

FXstreet.com (Córdoba) - Despite continued worries about the US fiscal cliff, the pound managed to erase losses versus the greenback and turned positive during the New York session.

GBP/USD bounced from a low of 1.6077 and having climbed over 80 pips within the last hours, it recently printed a fresh daily high of 1.6163. At time of writing, GBP/USD is trading at the 1.6160 area, 0.4% above its opening price.

In terms of technical levels, if the GBP/USD manages to break above the 1.6165 zone, next resistances could be found at 1.6200 (psychological level) and 1.6235 (former support level). On the downside, supports are seen at 1.6075/65 zone, 1.6050 (55-day SMA) and 1.6000 (psychological level).




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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