Monday 29 June 2009

Forex: GPB/USD fails to break above 1.6580, returns to 1.6555

Dollar weakness against European currencies eased in the last hour. Greenback was able to pullback from intra-day lows against CHF, EUR and GBP. GBP/USD was unable to break above 1.6580 after reaching that level and setting a fresh intra-day high. Currently the pair is at 1.6555/60 which is 0.34% above today’s opening price. The pair moved in an uptrend during the day but failed to break key resistance levels.

Against the Euro, Cable is rising for the day but lost part of early gains. EUR/GBP is fighting at the 0.8500 zone. The pair found support at 0.8475 rebounding to 0.8510. To the Yen, the Pound got stronger and is back above 159.00 for the first time since June 19. The pair has risen more than 250 pips so far today

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