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Forex pairs in this Article » GBP/USD (Barcelona) - Cable is looking under pressure once more this morning, with another attack on the 1.6075/40 support looking likely. In Asia, the pair has lost more than 50 pips to stall its fall at 1.6100 round number.

"We would expect buyers to be waiting here given the recent falls from 1.6450 and this 1.6040 area of the med term 50% fib level therefore it should offer some comfort to buyers wishing to come in at lower levels" comments Carol Harmer, Founder at Charmer Charts.

Now, Carol explains that if we cannot hold over this support, "buyers will quickly reverse longs and join sellers in taking us lower for 1.5995/75 where we could once more be looking at a short term base."

"Resistance from current levels is up at 1.685 to 1.6216. Any bounce back should now hold this resistance and we advise sellers to come back into the market at this point and hold shorts unless we break 1.6225" she added.
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