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Forex: GBP/USD trades just below 1.6200

By FXstreet.com,  April 26, 2012, 12:02:00 PM EDT

FXstreet.com (San Francisco) - After reaching 7-month high at 1.6206 this morning, the GBP/USD traded back towards 1.6165 on the back of risk aversion but in the latest hours, the Cable has been pricing sideways between 1.6175 and 1.6200.

Currently the pair is moving at 1.6188, 0.17% above today's opening price action with the FXstreet.com technical studies showing a Strongly Bearish and Overbought pair.

The GBP/USD is trading in consolidation mode after the latest bullish movement which drove the pair from yesterday low at 1.6080 to break 1.6170 resistance and reach levels above 1.6200 in today's Asian session.

"In terms of technical levels, supports are seen at 1.6159, 1.6082 and then at 1.6060," comments the Talking-Forex.com team. "On the other hand, resistance levels are seen at 1.6208/55 and then at 1.6335."




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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