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Forex: GBP/USD still exchanging above ‘double bottom’ neckline

By FXstreet.com,  January 11, 2013, 01:26:00 AM EDT

FXstreet.com (San Francisco) - GBP/USD is consolidating with a negative bias ahead of the European opening, last quoted at 1.6145, around 20 pips below its starting price today in the Asia-Pacific. Spot is operating above a short-term base at 1.6140.

According to Valeria Bednarik, Chief Analyst at FXstreet.com, the market "presents a double bottom around 1.6000, and [yesterday] the pair breached the neck line around 1.6130, which opens scope for and advance towards 1.6260 area now, a 130 pips run," she says in a research note. "As long as above mentioned neckline, the upside is favored." Ms. Bednarik identifies levels of support at 1.6130, 1.6100 and 1.6065




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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