Forex | Forex | Forex: GBP/USD: Pound recovery extends, back above 1.6300 (03/09/2009 06:36:00)

Forex: GBP/USD: Pound recovery extends, back above 1.6300

FXstreet.com (Barcelona) - The Pound, which has remained consolidating in a range between 1.6250 and 1.6300 during Asian session, after bouncing yesterday at 1.6185 week low, has broken up ahead of the European session opening reaching levels above 1.6300, to hit 1.6323 high.

Initial resistance could be at 1.6330 (Aug 31 high), and above here, 1.6375/80 (Aug 28/Sept 1 high) and 1.6400. On the downside, initial support could be at 1.6235, and below there, 1.6185 (Aug 31 low) and 1.6115 (Sept 1 and 2 low).

GBP/JPY has bounced up at 149.40 low on Asian session to test 150.55 Sept 2 high. On a wider point of view, the Pound is trading in a downtrend after having peaked at 163.09 high on August 7. Resistance levels lie at the mentioned 150.55 and 151.05. Support levels are 149.45 and 149.00.
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