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Forex: GBP/USD nearing key Fibo support

By FXstreet.com,  May 06, 2012, 07:39:00 PM EDT

FXstreet.com (San Francisco) - GBP/USD is extending its bearish correction this Monday, having traded down to as low as 1.6119 so far in Asia, last quoted at its opening price near 1.6130 vs. 1.6149 late Friday.

As Valeria Bednarik, Chief analyst at FXstreet.com notes: "The hourly chart shows price nearing 1.6115, 38.2% retracement of the latest bullish run while 20 SMA crosses 200 EMA to the downside, suggesting more slides ahead."

The analyst also notes that the pair is bearish on the 4-hour timeframe chart, with 20 SMA capping the upside around 1.6200. Below the mentioned 1.6115 area lies further support levels at 1.6080 and 1.6035, while, to the upside, resistance levels lie at 1.6150, 1.6185 and, above the1.62 mark, at 1.6220.




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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