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Forex: GBP/USD looking again toward 1.6000

By FXstreet.com,  January 09, 2013, 12:05:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD is still holding in a tight range between 1.6035 and 1.6065 so far this Wednesday after an overnight shed of earlier weekly gains. The market currently trades near the bottom of its intraday range, around 1.6040, holding scope for a test of the 1.60 figure.

From Valeria Bednarik, Chief Analyst at FXstreet.com: "In the 4 hours chart technical readings are mostly neutral, although the downside is favored, with a short term break below 1.6025, exposing midterm support around 1.5990. Expect stops around this last, and if triggered, the slowmo of these first days of the week, will be over."

If the pair does manage to slip below the 1.5990 mark, further support may be found at 1.5940 (circa 200-day EMA). Upside rallies may target resistance at 1.6120, 1.6170 and 1.6210.




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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