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Forex: GBP/USD: Pound pulls down, unable to break 1.6600

Wed, Nov 4 2009, 20:53 GMT
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FXstreet.com (Barcelona) - Pound the Pound has extended its two-day rally after the Fed's monetary Policy statement, and the pair jumped about 60 pips to attack 1.6600 resistance level, although, unable to break it and at overbought levels, the Sterling pulled back to levels around 1.6565.

On the downside, the Pound might find support at 1.6500, and below here, 1.6455 (Now 3 high) and 1.6400. Resistance levels lie at 1.6600 (Intra-day high/Oct 29 high), and above here, 1.6650 and 1.6695 (Oct 23 high).

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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.

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Any opinions, news, research, analyses, prices or other information contained on this website, 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.

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