Friday, 8 April 2011

Forex: GBP/USD, upticking still firm, rate above 1.6300

FXstreet.com (Barcelona) - GBP/USD recovered from a low at 1.6250 after the BoE decided to leave rates on hold. Pair remains trading in a quite limited range between 1.6250 and 1.6340 with hourly indicators flat, giving no clues of further direction. Current quoting in the Asian session settles at 1.6315.

"4 hours chart shows indicators heading lower still above their midlines" points Valeria Bednarik, Chief Analyst at FXstreet.com. Adding that "while 20 SMA holds a strong bullish slope currently around 1.6280, lose of this last, could anticipate a break below mentioned 1.6250, pointing for a bearish extension towards 1.6200 price zone".

Support levels: 1.6300 1.6250 1.6220, Resistance levels: 1.6365 1.6400 1.6440

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