Forex: GBP/USD recovers from 1.6000
Forex pairs in this Article »
GBP/USD
FXstreet.com (Córdoba) - The pound has managed to erase intraday losses incurred during the European session in the wake of disappointing UK data and weighed by broad dollar strength amid softer sentiment.
GBPUSD fell to a fresh 1-month low of 1.5999 but found buyers at that level and bounced toward the 1.6035 area, where it is quoting at time of writing, virtually unchanged since opening.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that an acceleration below 1.5990 will likely take the pair towards next support level around 1.5920/30, followed later by 1.5880. On the other hand, "recoveries will find resistance around 1.6048 daily high, while steady gains above 1.6060 will deny the possibility of further falls in the short term, with scope to extend the recovery near 1.6100", says Bednarik.
GBPUSD fell to a fresh 1-month low of 1.5999 but found buyers at that level and bounced toward the 1.6035 area, where it is quoting at time of writing, virtually unchanged since opening.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that an acceleration below 1.5990 will likely take the pair towards next support level around 1.5920/30, followed later by 1.5880. On the other hand, "recoveries will find resistance around 1.6048 daily high, while steady gains above 1.6060 will deny the possibility of further falls in the short term, with scope to extend the recovery near 1.6100", says Bednarik.
Free Annual Reports
