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Forex: GBP/USD picks up to 1.5730 as downside pressure eases

By FXstreet.com,  December 08, 2010, 05:36:00 AM EDT

FXstreet.com (Barcelona) - Pound's retreat from yesterday's high at 1.5820 extended on early European session to levels below 1.5700, hitting session low at 1.5670, although the pair has picked up afterwards, as European equity markets trim initial losses, reaching 1.5720/30 area.

On the upside, the pair might find resistance at 1.5765 (session high), and above here, 1.5820 (Dec 7 high) and 1.5840 (Nov 16 low). Support levels lie at 1.5655/65 (Dec 2 high/Dec 6 low), and below here, 1.5510 (Dec 2 low) and 1.5485 (Nov 30 low).

On a wider perspective, failure to hold above 1.5787 yesterday has added downside pressure on the Pound, according to Slobodan Drvenica, technical analyst at Windsor Brokers Ltd: "Failure to sustain gains above 1.5787, previous high, has seen fresh weakness from 1.5821 to reach just above key near-term support at 1.5654. Likely scenario would be retest of 1.5654, with break here to open further reversal and expose 1.5600 zone."




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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