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Forex: GBP/USD retraces gains

By FXstreet.com,  July 27, 2012, 09:06:00 AM EDT

FXstreet.com (Barcelona) - The sterling is back to the proximities of 1.5700, retracing earlier gains after indicators showed that the US economy has expanded 1.5% QoQ in the second quarter, above markets estimates. The US dollar, measured by the US Dollar Index, is gathering pace again, hovering over the 83.00 mark as of writing.

GBP almost pierced the 1.5750 region, pushed higher after upbeat rumours regarding the ECB purchasing Italian and Spanish debt.

GBP/USD is now advancing 0.16% at 1.5712 facing the next hurdle at 1.5747 (high Jul.27) ahead of 1.5759 (Upper Bollinger) then 1.5778 (high Jun.20) and 1.5802 (high Jun.18).
On the flip side, a penetration of 1.5666 (low Jul.27) would bring the psychological levels of 1.5600 and 1.5500 and finally 1.5458 (low Jul.26).




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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