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Forex: GBP/USD holds above 1.6150

By FXstreet.com,  September 26, 2012, 10:39:00 AM EDT

FXstreet.com (Córdoba) - Despite the risk-off mood and having made several downside attempts, the pound has managed to hold above the 1.6150 support level against the greenback on Wednesday.

Having spent most of the day between 1.6150 and 1.6200, GBP/USD is currently trading at the 1.6165/70 zone, still 0.1% below its opening price.

From a technical view, "Failure to clear initial barrier at 1.6200, keeps the downside under pressure, with hourly 20 day EMA capping for now", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Any stronger move higher, requires break above 1.6265, to avert immediate downside risk, otherwise, break below 1.6150 would signal completion of Head and Shoulders pattern and open way for stronger correction of 7-week ascend from 02 Aug low at 1.5489 and expose 1.6100/1.6065, Fibonacci / trendline supports".




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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