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Forex: GBP/USD inching higher, nears daily highs

By FXstreet.com,  July 19, 2011, 10:32:00 AM EDT

FXstreet.com (Córdoba) - After peaking at the 1.6160 area, GBP/USD retreated toward 1.6100 during the European session where buyers limited the fall, allowing the Pound to resume its upward move against the Greenback.

Moreover, following a positive opening in Wall Street the US Dollar weakened further and GBP/USD was dragged higher toward a session peak of 1.6149 in recent trade. At time of writing, Cable is quoting at the 1.6145 zone, recording a 0.55% gain on Tuesday.

From a technical perspective, Slobodan Drvenica, analyst at Windsor Brokers Ltd, said, "Regain of 1.6050, daily 200 day MA, improves the near-term tone, with today's clearance of 1.6100 barrier and extension to 1.6159 so far, turning focus at 1.6192, key near-term barrier. Corrective dips should be contained by 20 day MA, currently at 1.6080, to maintain immediate positive structure".





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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