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Forex: GBP/USD finds support and trims losses

By FXstreet.com,  January 14, 2013, 12:32:00 PM EDT

FXstreet.com (Córdoba) - After sliding to a 4-day low of 1.6030, the pound managed to trim losses against the dollar as risk sentiment improved and stocks moved off lows in Wall Street.

However, the recovery has been capped by the 1.6075/80 area, where the 100-hour SMA reinforces resistance. The British currency remains among the worst performer across the board, with GBP/USD trading at the 1.6065 area, still down 0.4% on the day.

"Weakened near-term structure sees immediate risk of retesting 1.6015, daily Ichimoku cloud base and strong 1.6000/1.5991 support zone, below which to open 1.5960, Fib 76.4% of 1.5826/1.6380, possibly 1.5900, round figure / 200 day MA, on a break", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Holding above 1.6000, would signal further sideways movements, as long as 1.6177 stay intact, but prevailing negative tone sees increased downside risk".




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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