Monday 29 June 2009

Forex: GBP/USD rejects 1.6547 and falls below 1.6500

Mon, Jun 29 2009, 08:58 GMT (Barcelona) - The Cable's rebounding from 1.6430 has been capped at 1.6547, intra-day high, and the pair has been rejected to levels below 1.6500, posting daily losses again. Currently the pair is trading around 1.6490/1.6500, 0.20% below today's opening price.

Carol Harmer, analyst at Charmer, comments: Cable has backed away from 1.6565 and looking like its going to test the uptrend line at 1.6410. If this support fails, sellers will come into the market and they will try for the base of this pattern at 1.6240/1.6180."

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