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Forex: GBP/USD surrendering gains to settle at 1.6108/13

By FXstreet.com,  December 28, 2012, 03:28:00 AM EDT

FXstreet.com (Barcelona) - The GBP/USD has operated slightly in the green Friday morning during European trading, fluctuating in a rather tightened consolidation (32 pips) thus far, constituting a range of 1.6098 - 1.6130. In its most recent move, the pair has withered off of session highs, and eased towards the 1.6108/13 region at the time of writing.

According to Research Analyst Gareth Berry at UBS, the GBP/USD is technically bullish, and if the pair continues its trend on the corrective path, we could see potential gains towards 1.6307. Support lies at 1.6068 onto 1.6012 (the lower 50% and 62% retracements respectively).

"Yesterday's selloff from 1.6203 to 1.6067 confirms the decline from last Wednesday's 3-month high at 1.6307 to retrace the uptrend from November's low at 1.5828. This remains in progress as the price is currently trading well below its 21-hour and 55-hour EMAs, suggesting a move towards 1.6203 - overall the downside bias remains for marginal weakness below yesterday's 1.6067 low however." warns the Ace Trader Team.




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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