FXstreet.com (Barcelona) - Having declined this afternoon to find support at the hourly 100MA (1.6075), GBP/USD has continued its upside movement to confirm the daily high at 1.6085.
With US markets shut due to Hurricane Sandy, there has been some risk on sentiment sifting through markets as a potential two year extension for Greek debt repayments is scheduled to take place tomorrow. The economic calendar for the US session is close to empty leading to especially low levels of volume this afternoon.
The analysts at Kshitij Consultancy Services believe that an element of the recent move higher from 1.6000, can be attributed to profit taking and is expected to find resistance around 1.6080 before continuing its move lower. They feel that the bigger trend looks mixed on daily charts and that it would be safer to be out of the market until confirmation of a direction can be established.
With US markets shut due to Hurricane Sandy, there has been some risk on sentiment sifting through markets as a potential two year extension for Greek debt repayments is scheduled to take place tomorrow. The economic calendar for the US session is close to empty leading to especially low levels of volume this afternoon.
The analysts at Kshitij Consultancy Services believe that an element of the recent move higher from 1.6000, can be attributed to profit taking and is expected to find resistance around 1.6080 before continuing its move lower. They feel that the bigger trend looks mixed on daily charts and that it would be safer to be out of the market until confirmation of a direction can be established.
