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Forex: GBP/USD finds support around 1.6100

By FXstreet.com,  December 28, 2012, 04:46:00 AM EDT

FXstreet.com (Barcelona) - GBP/USD looks to have found some momentary support at the psychologically round 1.6100 level, having declined in early European trading.

Having gently climbed throughout the European session to post a morning high at 1.6129, just above the daily pivot point at 1.6123, spot sold off to post a low at Camarilla S1 support at 1.6086 before climbing to find support at 1.6100. With a light European economic calendar and thin volume in the market, the move initially looks to be low on momentum.

Calendar wise, Greek PPI lies ahead at 10:00 GMT, followed by Chicago PMI at 14:45 GMT and US Pending Home Sales at 15:00 GMT. The Danske Research team have taken a bearish view on the pair and recommend selling at 1.6150 for a 1.6011 objective with a stop at 1.6215.




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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