Tuesday 30 June 2009

Forex: GBP/USD climbs 1.00% today to reach 1.6745 as 8-month high

GBP/USD has risen 100 pips in the last hour from 1.6640 to climb and post 1.6745 as fresh 8-month high. Cable has extended its recovery 1.6235 June 25 low and the pair has advanced around 500 pips in the last 3 trading days.

Currently ther pair is trading around 1.6725/35.

Rajoo C, analyst at Precise Trader, suggest the long way as the today's option: "GBPUSD held the level , moved higher we suggested and closed @ 16570 which was above the open. The Hourly Oscillators are bullish and price is above the MA, so the bears have to be Sidelined. Hourly Trend is Sideways Up and Daily Trend is also Sideways Up, so expect the price to make higher highs. We believe the price is just breaking out of the trading range and 16685 is the immediate barrier. The Patterns are on the 15min chart is giving a minimum price projection of 16730 or even 16900 before any significant move down while 16530 level holds. We prefer to be LONG while 16530 level holds or strictly trade at our levels."

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