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Forex: GBP/USD trades back to 1.6125 after reaching highs

By FXstreet.com,  April 24, 2012, 11:44:00 AM EDT

FXstreet.com (San Francisco) - The GBP/USD is trading in consolidation mode after reaching the highest level in 2012 at 1.6164. With a consolidation movement above 1.6120 during the American hours, the pair has been trading in range between 1.6125 and 1.6150, now testing bottom range.

Currently the Cable is pricing at 16130, at the same opening price zone with the FXstreet.con trend index points Slightly Bullish and the OB/OS Index showing Extremely Oversold.

Buying pressure remains while the cross trades at 1.6160. Breaching Oct-31 high resistance, the GBP/USD will start printing new 6-month highs.

"Yesterday's attempt for a break through 1.6076 support failed and the uptrend here is intact, targeting 1.6250. Initial minor intraday support is projected at 1.6130 and there is still a chance for one more slide to 1.6080 before breaking out for 1.6250", wrote Deltastock.com analyst Stoyan Mihaylov.




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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