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Forex: GBP/USD little changed above 1.6050

By FXstreet.com,  January 16, 2013, 12:28:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD is practically unchanged so far, but maintains its offered tone ahead of the European opening this Wednesday, quoted near the bottom of its 1.6053-1.6078 intraday range. "Above 1.6100, the bearish pressure may ease although only above 1.6130, a short term descendant trend line, the pair may found strength enough to start posting gains," says Valeria Bednarik, Chief Analyst at FXstreet.com.

There is no UK-specific fundamental data on offer today, so GBP price action will be driven primarily by sentiment. Key even risk for the session is Eurozone consumer inflation data, with a consensus forecast for a 2.2% (y/y) rise in the final month of 2012. GBP/USD support levels may be found at 1.5990 and 1.5950, while, once above 1.6030, next target is 1.6160.




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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