Forex: GBP/USD rejects 1.6415 and slides close to 1.6370

Tue, Nov 3 2009, 17:40 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) – The Sterling's recovery against the Dollar from 1-week low at 1.6260 in the European session has found resistance at 1.6415 and pair has been rejected to trade below the 1.6400 level, close to 1.6370. GBP/USD is currently trading around 1.6400/10, at the same range of opening price action at 1.6410.

The ecPulse.com analysis team affirms: “The sterling-dollar pair, it is showing a slight decline on the daily charts. However, on the 4-hour and 1-hour charts it is inclining. PMI Construction for October released today came worse than expected, but the sterling was not impacted. So far, the pound is trading at 1.6402 setting a high of 1.6419 and a low of 1.6259; while the coming support for the pair is seen at 1.6385 and the resistance is spotted at 1.6421.”

Valeria Bednarik, FXstreet.com collaborator, comments: “GBP/USD is in better shape, regaining some upside strength, still under 1.6410/40 key resistance zone; seems hard to see a break above that level pre BOE.”

GBP/USD

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