Forex: GBP/USD testing support line at 1.6230
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GBP/USD
FXstreet.com (Barcelona) - Pound recovery from 1.6210 low on Monday was capped yesterday at 1.6445 area, and the pair's retreat has extended sharply on Wednesday, on increasing risk aversion to test the uptrend support line from May 2010 lows, currently at 1.6230.
The pair is trading right above support area at 1.6215/30 (Jun 10/13 low/Trendline support) and below here, 1.6130 (May 25 low) and 1.6055 (May 20 low). On the upside, resistance levels lie at 1.6375/785 (day highs), and above here, 1.6345 (Jun 14 high) and 1.6465/70 (Jun 7/9 highs).
The pair is trading at a key support level, according to Kshitij Consultancy Services Team, with 50/50 chance of breaking lower: " Significant Support is seen in 1.6225-00 region which if holds might take the pair once again to 1.6330-50. However, a break below 1.6200 might take the pair further down towards 1.6150, which is a very strong Support level seen below 1.6200."
The pair is trading right above support area at 1.6215/30 (Jun 10/13 low/Trendline support) and below here, 1.6130 (May 25 low) and 1.6055 (May 20 low). On the upside, resistance levels lie at 1.6375/785 (day highs), and above here, 1.6345 (Jun 14 high) and 1.6465/70 (Jun 7/9 highs).
The pair is trading at a key support level, according to Kshitij Consultancy Services Team, with 50/50 chance of breaking lower: " Significant Support is seen in 1.6225-00 region which if holds might take the pair once again to 1.6330-50. However, a break below 1.6200 might take the pair further down towards 1.6150, which is a very strong Support level seen below 1.6200."
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