More from FXstreet.com

Forex: GBP/USD hits 1.5700 after US data

By FXstreet.com,  June 19, 2012, 09:20:00 AM EDT

FXstreet.com (Córdoba) - The pound erased losses incurred against the greenback during the European session in the wake of lower-than-expected UK inflation data, as it managed to bounce from a daily low of 1.5614.

GBP/USD rose nearly 80 pips ever since, rising back to the 1.5700 area after soft US housing data, ahead of the FOMC policy decision. At time of writing, the cross is quoting at the 1.5690/95 zone, recording a 0.2% gain on Tuesday.

From a technical view, "the pair has very good support near 1.5600 and while above 1.5600, we see good chances of a rise to 1.5750- or even 1.5800 in the coming sessions", says the Kshitij Consultancy Services Team. "The downside could be limited. Even a break below 1.5600 would not turn the picture bearish as there is the 21-DMA Support currently at 1.5557".




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

Referenced Stocks:



Latest News Video

How to Pick Stocks in This Economic Environment
How to Pick Stocks in This Economic...
How To Grow Your Small Business
How To Grow Your Small Business     
Private Wealth Revives, Managers Face Higher Costs
Private Wealth Revives, Managers Fa...
Private Island on the Thames: $11.7 Million
Private Island on the Thames: $11.7...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.




Most Active by Volume:

Company Last Sale Change Net / %
S $ 7 0.32  4.37%
PFE $ 29.10 0.30  1.02%
BAC $ 13.19 0.08  0.60%
MU $ 13.97 0.22  1.60%
SIRI $ 3.37 0.03  0.88%
GE $ 23.98 0.35  1.44%
QQQ $ 72.76 0.82  1.11%
ELN $ 14.15 0.37  2.69%