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Forex: GBP/USD holds above 1.6000

By FXstreet.com,  September 07, 2012, 04:24:00 PM EDT

FXstreet.com (San Francisco) - The Sterling keep the 1.6000 position against the US Dollar at the closing bell in Wall Street. The GBP/USD was trading in consolidation mode after reaching the highest level since May 15 at 1.6033.

"As the sentiment remains positive, further extension of larger uptrend from 1.5267, is likely. Clear break above 1.6000 is required to expose barriers at 1.6060 zone, 24 Apr / 09 May lows and Fib 76.4%", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Corrective easing on overbought conditions on lower timeframes is not ruled out, however, no reversal signals being generated yet".




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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