Forex: GBP/USD slows after climb into European open

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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.



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This article appears in: Investing , Forex and Currencies

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