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Forex: GBP/USD slows after climb into European open

By FXstreet.com,  January 07, 2013, 03:40:00 AM EDT

FXstreet.com (Barcelona) - GBP/USD has found resistance just below the daily pivot point following a retracement of the overnight decline.

Spot made an overnight high at 1.6082 before selling off to post a low at 1.6020. However, despite the decline, spot has started to retrace the move lower , but has found an element of resistance just below the daily pivot point at 1.6064. This morning has seen UK Halifax House Prices come in at 1.3% against expectations of 0.0% and a previous reading of 1.0%. Ahead we have EU Investor Confidence at 09:30 GMT and EU PPI at 10:00 GMT. Danske analysts recommend shorting Cable at 1.6090 for a 1.5999 objective, with a stop at 1.6140.




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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