Forex | Forex | Forex: GBP/USD back above 1.6550 after US opening bell (29/06/2009 14:34:00)

Forex: GBP/USD back above 1.6550 after US opening bell

Fxstreet.com (Barcelona) - Cable has resumed its recovery after rejecting from 1.6578 and finding support at 1.6510. GBP/USD has risen 60 pips in the last hour to trade close to 1.6570, currently the pair is rising 0.25% so far today from opening price action.

Valeria Bednarik, FXstreet.com collaborator, comments: "Pair regained the upside, yet hourly indicators seem a bit exhausted and showing a probable downside correction, that should remain above 1.6500 zone, where we also have 20 SMA. Break above today’s high could approach the pair to the 1.6600 zone, roof of the horizontal channel/range of the past weeks. Volume remains low. Support levels: 1.6500 1.6470 1.6440. Resistance levels: 1.6560 1.6600 1.6660."

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