More from FXstreet.com

Forex: GBP/USD, pulls back from 1.4525 range top, approaching 1.4300

By FXstreet.com,  May 25, 2010, 03:00:00 AM EDT

FXstreet.com (Barcelona) - Pound's rejection from 1.4525 resistance area, the roof of the last six day's trading range, found support at 1.4350 low on Monday and, after a recovery attempt on US session,, which was halted at 1.4465, the pair plunged on Asian trade, extending below 1.4350 to approach 1.4300.

On the downside, initial support lies at 1.4315 (May 21 low), and below here, 1.4230 (May 20 low) and below here, probably at 1.4150. On the upside, resistance levels lie at 1.4460/65 (May 19/20 highs), and above here, 1.4520/25 (May 18/24 high) and 1.4550 (May 17 high).

GBP/JPY recovery from 15-moth low at 126.70 on Thursday was capped at 131.40 high on Monday, and the pair dropped sharply on Asian session to break below 129.00 to session lows at 128.30 at European opening times. Support levels are 127.50 ad 126.75. Resistance levels are 129.85 and 130.80.




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

Referenced Stocks:



Latest News Video

Video Shows Airstrikes on Towns Outside of Damascus
Video Shows Airstrikes on Towns Out...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.43 0.07  0.52%
CSCO $ 24.24 0.35  1.48%
MSFT $ 34.87 0.79  2.32%
F $ 15.08 0.44  3.01%
ARUN $ 13.10 4.51  25.61%
SIRI $ 3.50 0.05  1.45%
GE $ 23.46 0.19  0.82%
S $ 7.32 0.04  0.55%