Forex: GPB/USD recovery finds resistance at 1.6745

Tue, Nov 10 2009, 15:57 GMT
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FXstreet.com (Córdoba) – Cable extended its recovery after the opening bell at Wall Street. GPB/USD started to rise after bottoming at 1.6605 (intra-day low), when an agency warned about the future of United Kingdom’s credit rating. The pair rose back above 1.6700 to the 1.6440/50 zone, where it has a resistance zone. Currently it trades at 1.6714/20, 0.25% below today’s opening price. The pair is falling for the first time in more than a week.

If resistance area at 1.6740/50 is breached, the Pound could advance up to 1.6850 over the next couple of sessions, says the Kshitij Consultancy Service Team: "Short term important Resistance at 1.6740-50. If this barrier is breached, we may see the pair rise once again towards 1.6850 over the next couple of sessions."

GBP/USD

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