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Forex: GBP/USD holds above 1.60; awaits BoE today

By FXstreet.com,  January 10, 2013, 01:10:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD still operates above 1.6000 as it trades a limited range after losing ground for a second day Wednesday, and ahead of today's BoE policy announcement. Market consensus is for policy to remain unchanged, with rates at 0.5% and asset purchases at £375bn.

Technically speaking, "In the 4 hours chart, the bearish tone gains momentum, while lower low daily basis also support the downside," observes Valeria Bednarik, Chief Analyst at FXstreet.com. "The pair however, needs to clearly breach mentioned support to confirm more slides today."

From the AceTrader Team: "Today, selling on intra-day recovery in anticipation of such marginal weakness is recommended in position traders may turn long there for prospect of a much-needed strong rebound. Only below 1.5944 would risk weakness to 1.5900."

Should the downward bias accelerate, Ms. Bednarik identifies support levels at 1.5990, 1.5940 and 1.5900, while resistance levels lie at 1.6025, 1.6065 and 1.6100.




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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