Forex: GBP/USD: Pound attempting to break above 1.6500

Thu, Jun 11 2009, 10:44 GMT
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FXstreet.com (Barcelona) - The Pound has jumped more than 100 pips during the European session, bouncing from 1.6370 to 1.6495 intra-day high attempting to break 1.6500 level.

The Swiss e Trade Strategy Team, does not expect the Pound to break 1.65 today: "Cable is attempting to attack the 1.6500 handle in early European trading and is now at the 1.6465 mark. We do not expect the 1.6500 resistance level to be broken today, rather we see higher downside volatility, with underlying sell stops being hit below the 1.6320 level."

Resistance levels above 1.6500 lie at 1.6550 nd above here, 1.6660 (Jun 3 high). On the downside, initial support lies at 1.6370, and below there, 1.6345 and 1.6240 (Jun 10 low).

GBP/USD

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