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Forex: GBP/USD quiet near 7-month highs

By FXstreet.com,  April 29, 2012, 08:30:00 PM EDT

FXstreet.com (Barcelona) - Cable keeps trading quiet in early Asian trade last at 1.6274, near latest 7-month highs at 1.6281. US futures give back all gains from the open, now back around ES 1401, after touching the 1406 mark, and Japan and China closed for holidays.

Valeria Bednarik, Chief Analyst at Fxstreet.com, notes: "hourly indicators showing extreme overbought readings, yet far from suggesting a bearish movement; in the same time frame, 20 SMA gains bullish slope around 1.6230, offering dynamic support in case of retracements. In the 4 hours chart the upward momentum is also strong despite indicators are also in overbought territory, while 20 SMA offers dynamic support around 1.6160," the analyst concludes.

Support levels show at: 1.6255 1.6230, and 1.6185, while resistance levels are located at: 1.6280 1.6320, and 1.6350.




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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