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Forex: GBP/USD retreats from 1.4930, to levels below 1.4900

By FXstreet.com,  June 21, 2010, 05:01:00 AM EDT

FXstreet.com (Barcelona) - Pound's rally witnessed during Asian session, has been rejected at 1.4935, 5-week high, ahead of the European session, to pull back below 1.4900 afterwards, quoting at levels around 1.4855 at the moment of writing.

On hourly charts, the pair remains biased to the upside, according to by Slobodan Drvenica, technical analyst at Windsor Brokers Ltd, while above 1.4771: "Continues to trade within the hourly rising wedge, with scope now seen for fresh gains towards 1.4965, wedge resistance. Potential break here would expose 1.5000/50 next, while 1.4771 underpins."

On the medium term, however, Drvenica favours decline towards 1.4230: "Medium-term outlook, however, keeps return to 1.4230 favored."




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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