Forex: GBP/USD up to 1.6030/40 ahead of NY
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GBP/USD
FXstreet.com (Barcelona) - After its rise through the 1.6000 psychological level on the London opening, with 1.5980 holding the downside, the GBPUSD first battled against resistance at 1.6020 area before extending gains close to 1.6040. The market is half way through a retracement of yesterday's plunge.
The British equity markets have been busy with today's earnings reports. The British FTSE 100 gains +0.11% on the day.
"With recovery attempts being limited at 1.6000, now reverted to resistance and bears fully in play on near-term studies, immediate risk is seen towards 1.5960, Fib 76.4% of 1.5826/1.6380 and 1.5900, 200 day MA", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to resistances at 1.6000, followed by 1.6030 (previous lows / 55 day EMA) and 1.6050 (Fib 38.2% of 1.6177/1.5974), clearance of which would ease immediate bear pressure.
The British equity markets have been busy with today's earnings reports. The British FTSE 100 gains +0.11% on the day.
"With recovery attempts being limited at 1.6000, now reverted to resistance and bears fully in play on near-term studies, immediate risk is seen towards 1.5960, Fib 76.4% of 1.5826/1.6380 and 1.5900, 200 day MA", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to resistances at 1.6000, followed by 1.6030 (previous lows / 55 day EMA) and 1.6050 (Fib 38.2% of 1.6177/1.5974), clearance of which would ease immediate bear pressure.
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