Forex | Forex | Forex: GBP/USD: Pound post-GDP sell-off holds at 1.6470, and bounces above 1.6500 (31/07/2009 13:58:00)

Forex: GBP/USD: Pound post-GDP sell-off holds at 1.6470, and bounces above 1.6500

FXstreet.com (Barcelona) - The Pound dropped from 1.6575 intra-day high, on the back of U.S. Gross Domestic Product data, to 1.6475 support, and bounced afterwards, reaching levels below 1.6525 resistance at U.S session opening times.

Valeria Bednarik, collaborator at FXstreet.com forecasts further weakness for the Pound: "Failure to break above key 1.6550 send the pair back down, making tumble previous positive tone. Hourly bearish indicators along with clear break of 20 SMA suggest further falls for next hours, with 1.6450 zone as immediate support to consider."

Resistance levels, according to Bednarik lie at 1.6520, and above here, 1.6550 and 1.6600. On the downside, support levels are 1.6450, 1.6410 and 1.6360.
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