Forex: GBP/USD holds above 1.6260

FXstreet.com (San Francisco) - After falling around 45 pips from 1.6305, April 30 and Sept 21 highs, the GBP/USD seems to have found support at the 1.6260 level. The pair is currently trading at 1.6265, 0.10% above today's opening price action.

The hourly chart shows indicators accelerating lower from overbought levels and price challenging 20 SMA, "yet unless a clear break and follow trough below mentioned support, the downside is still limited," comments Valeria Bednarik, FXstreet.com analyst. "For the ones thinking on a probable double roof at today’s high, remember the figure won’t be complete unless a break of the neckline, which stands at 1.5826, November 15th daily low."

Supports are seen at 1.6260, 1.6230 and 1.6195. While resistance are at 1.6305, 1.6345 and 1.6390.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS