Monday 29 June 2009

Forex: GBP/USD falls below 1.6450 and posts 1.6430 as intra-day low

Mon, Jun 29 2009, 06:54 GMT (Barcelona) - After rejecting at 1.6500 level in the early Asian session, Cable has fallen around 70 pips to break down the 1.6450 support and post 1.6430 as fresh intra-day low in the early European morning. Currently the pair is trading around 1.6445/55, 0.45% below today's opening price action.

Tim Salem, collaborator, comments: "Neutral to Corrective Bullishness is Seen, as Hourly Sentiment with Price finds a slight Reversal of the 20SMA/200SMA Hourly Bullish Cross with the 20SMA providing Dynamic Resistance Confluence at the 1.6482 Daily Pivot. Depreciation sees Dynamic and Static Support at 1.6408 Confluence with the Hourly 200SMA, and 1.6362. A potential Hourly Triple-Bottom Formation may be Seen if Price is Seen and Held at the 1.6230’s Area of Support. A Break of the 20SMA Dynamic Resistance sees the 1.6517 and 1.6557 Resistance Levels, where Clearance through to 1.6603 brings an Hourly Double-Top into View in the Near-Term. Support levels: 1.6451 1.6408 1.6362 1.6329 1.6288. Resistance levels: 1.6517 1.6557 1.6603 1.6632 1.6658."

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