Monday, August 31, 2009

Forex: GBP/USD: Pound testing levels below 1.6200

Mon, Aug 31 2009, 08:06 GMT (Barcelona) - The Sterling has weakened further on Asian session, and decline from 1.6385 high on Friday has extended to 1.6185 low ahead of the European session opening, although the par has ret6urned to levels right above 1.6200 afterwards.

According to Liviu Flesar, technical analyst at InnerFX the Pound is on trerenewes bearish pressure, although 1.6100 level should hold declines: "The resistance region started around 1.6385 has provided a stable turning point on last intra-day rally and downside is under renewed pressure today (...) Intra-day price action points towards the downside at the time of writing this article. Extended losses may reach 1.6100-1.6150 later today but 1.6100 will probably limit the downside."

Support levels at the moment, lie at 1.6150 (Aug 26 and 27 low) and below here, 1.6120 and 1.6030 (Jul 13 low). On the upside, in case of recovery above 1.6225, next resistance levels could be 1.6270 (Aug 17 high), 1.4300 (session high) and 1.4380 (Aug 28 high).

GBP/USD (Aug 31 at 08:52 GMT)

1.6213/18 (-0.30%)

H 1.63 L 1.6181

[?]Trend Index[?]OB/OS Index
Slightly BullishNeutral
Data updated on Aug 31 at 08:50 (15-minute timeframe)

[ View GBP/USD technical studies ]

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