Forex: GBP/USD finds support at 1.6535

Thu, Nov 5 2009, 16:48 GMT
http://www.fxstreet.com

FXstreet.com (Córdoba) – The pull back of the Pound from 1.6635 (one-week high) found support at 1.6535. From there GBP/USD started to rise again and tested levels above 1.6600 but once more failed to hold. The pair currently trades at 1.6577/83, 0.16% above today’s opening price. Cable is rising for the third day in a row.

On the upside, immediate resistance lies at 1.6635/40 (intra-day high) and above at 1.6690/1.6700 (Oct 23 high). Support is located at 1.6535 and below at 1.6465 (intra-day low).

Valeria Bednarik, FXstreet.com collaborator, comments: “Pair reached the 1.6640 level with hourly indicators reaching overbought conditions, sending pair to current level just above 1.6550 support zone. Failure to hold above 1.6600 suggest more downside pressure ahead, yet pair needs to clearly break under mentioned zone to extend the rally.”

GBP/USD

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