GBP/USD Current Price: 1.6552

Thu, Nov 5 2009, 00:51 GMT
http://www.fxstreet.com

FXstreet.com (Buenos Aires) – GBP/USD Current Price: 1.6552. Upside rally in Pound has been again halted around 1.6600, where the pair retreated to current zone. With hourly indicators supporting further rises in the pair after the break above the daily descendant trend line coming from 1.6694, and 20 SMA with a bullish slope, pair is technically set to extend the upside rally.

However, considering the possibility of an extension in QE early Europe, pair likely to remain in a tight range during current session. “Under 1.6520, next support comes at the 1.6480 area; if this last gives up, pair likely to extend the fall,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.6520 1.6480 1.6420. Resistance levels: 1.6600 1.6640 1.6690.

GBP/USD

© 2009 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.