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Forex: GBP/USD gaining traction, eyes on 1.6100

By FXstreet.com,  January 15, 2013, 02:46:00 AM EDT

FXstreet.com (Barcelona) - The sterling is picking up pace after dipping to the boundaries of 1.6065 earlier, en route to the area around 1.6100

The GBP is posed to face some pressure during the European morning, ahead of the UK inflation figures, the BoE Inflation Letter and a speech by Governor M.King. Prior surveys expect the CPI to rose 2.7% during December, matching November's print and the Producer prices to tick higher in the same period.

As of writing, GBP/USD is trading flat at 1.6075 with the next resistance at 1.6156 (hourly high Jan.14) followed by 1.6182 (high Jan.11) and then 1.6255 (high Jan.3).
On the other hand, a drop beyond 1.6005 (low Jan.10) would open the door to 1.5992 (2013 low Jan.9) and 1.5988 (low Nov.30).




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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