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Forex: GBP/USD looks towards 1.6216 morning low

By FXstreet.com,  September 25, 2012, 06:29:00 AM EDT

FXstreet.com (Barcelona) - Currently trading at 1.6225, GBP/USD looks to have returned to its overnight range following a brief endeavor to 1.6267.

Largely positive economic data from Europe and the UK has failed to lift sentiment this morning as speculation surrounding the ECB/Bundesbank conflict continues to emanate. With the European calendar effectively over, bar Draghi's speech at 13:00, the pair looks to have lost momentum as we start to look towards the US open.

The technical analysis team at Ace Trader have a bearish outlook on the pair and note 1.6163 as a potential downside target. They see support and resistance at 1.6200/1.6181/1.6163 and 1.6244/1.6259/1.6273.

European Equities remain lower whilst commodities and US futures are higher. Critical European yields remain up but stable.




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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