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Forex: GBP/USD sells off into European session

By FXstreet.com,  January 16, 2013, 04:20:00 AM EDT

FXstreet.com (Barcelona) - Having modestly climbed throughout the overnight session, GBP/USD has extended its weekly trend and sold off sharply.

The pair made an overnight high at 1.6080, before declining sharply and breaking past the previous double bottom at 1.6032. Spot is now trading at 1.6006, just above the important psychological 1.6000 level where it is finding some support. Calendar wise, today´s calendar is thin in Europe, with only a German 10 year auction and EU CPI at 10:00 GMT of real significance. Danske analyst, although non specific, are looking for buying opportunities today and may look to fade this mornings decline.




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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