Forex: GBP/USD trading near opening levels after falling below 1.6000

FXstreet.com (Barcelona) - The GBPUSD has crept higher during European trading after stumbling earlier during the Asian session and falling below the 1.6000 level to record a session low (1.5995). In recent hours however, the pair has recovered the majority of its losses to trade near opening levels at 1.6012/14.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The GBPUSD remains under pressure, as repeated failures at the 1.6050 barrier and a double Doji candlestick questions the recent rally - a brief break below initial 1.6000 support and hourly indicators in the negative territory suggest that further easing is likely.

Wednesday promises to be a rather subdued day for the pair, as no economic data is slated for release out of the United Kingdom for the duration of the session. In the United States, only a trickle of low-profile housing data will be reported today, beginning this afternoon at 15:00 GMT.

Presently, the cross has surrendered a slight drop of -0.04% on the day. Drvenica points to calculated support at the important 1.5975 level, (50% of 1.5926/1.6055 / 22 November high) coming in near-term focus. Conversely, the hourly Ichimoku cloud top and 20-day EMA at 1.6020 offers initial resistance and a break here would shift near-term focus higher.