Forex: GBP/USD: Pound eases from 1.6720, to 1.6660 area

Tue, Nov 10 2009, 12:08 GMT
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FXstreet.com (Barcelona) - The Pound attempted to build up during European session and after bouncing at 1.6600 reached to levels past 1.6700, although it was rejected at 1.4720 and drops, at the moment to levels around 1.6660.

In the hourly charts, the Sterling remains moving between 20 and 100 hours moving averages, although, according to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, there is still room for further rally: "Focus now returns to its 1.7041 year-to-date high, with 1.6740 now providing decent resistance. RSI still not quite at overbought levels (60 last) so bullish momentum has further room to go."

Resistance levels, according to Rosentreich, lie at 1.6900, 1.7041 and 1.7400. On the downside, support levels lie at 1.6400, 1.6260 and 1.6200.

GBP/USD

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