CORRECTION: GBP/USD bounces at 1.6585 and trades at daily highs

Mon, Nov 23 2009, 14:10 GMT
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FXstreet.com (Barcelona) – After rejecting at 1.6625 in a 165 pips recovery movement from last Friday low zone at 1.6460/57, GBP/USD has bounced at 1.6585 in the European session with the pair rising to break 1.6625 and hit fresh daily high at 1.6635.

Currently the pair is trading around 1.6620/30, 0.80% above today's opening price action at 1.6500.

Resistance levels, at the moment lie at 1.6630/35 (Nov 5 and 6 high), and above here, 1.6700 and 1.6755 (Nov 19 high). On the downside, support levels lie at 1.6495/00, nad below here, 1.6460 (Nov 20 low) and 1.6400 (Nov 4 low).

The Swiss e Trade Strategy Team expects consolidation at current levels before some further climbing towards 1.6670 area: "The pound is now running into resistance zones against the dollar, after its upmove in early European trading to 1.6620 currently. We expect an intraday consolidation to 1.6560, leading later to higher prices around 1.6670 resistance."

GBP/USD

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