Forex: GBP/USD declines overnight into European open
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - Having climbed to post an overnight high at 1.6175, GBPUSD declined overnight to find support at 1.6150, before sharply declining to test and bounce off the daily pivot point into the European open.
With economic data absent today and new year celebrations ahead, volume looks especially thin this morning and spot slide sharply to test the daily pivot point at 1.6139 ahead of the European open, before quickly retracing its decline to where it is currently trading at 1.6157. Looking on an hourly chart, spot is currently looking to hold support at the 20 MA and RSI is at 52 and lacking direction so far. The analysts at Danske Bank are vaguely bullish on the pair without providing specifics while analysts at Kshitij Consultancy Services are looking to go long on dips down to 1.6020, with a stop at 1.5940 and a target of 1.6480.
With economic data absent today and new year celebrations ahead, volume looks especially thin this morning and spot slide sharply to test the daily pivot point at 1.6139 ahead of the European open, before quickly retracing its decline to where it is currently trading at 1.6157. Looking on an hourly chart, spot is currently looking to hold support at the 20 MA and RSI is at 52 and lacking direction so far. The analysts at Danske Bank are vaguely bullish on the pair without providing specifics while analysts at Kshitij Consultancy Services are looking to go long on dips down to 1.6020, with a stop at 1.5940 and a target of 1.6480.
Free Annual Reports
