Forex | Forex | Forex: GBP/USD: Pullbacks should find support at 1.6265/28 (55 day ma) - Commerzbank (29/07/2009 07:36:00)

Forex: GBP/USD: Pullbacks should find support at 1.6265/28 (55 day ma) - Commerzbank

FXstreet.com (Barcelona) - The Pound is looking weaker on Wednesday, as the pair trades at intra-week low levels as the Pound gave away all the gains from Monday and Tuesday capped by 1.6585 (78.6% retracement), according to Karen Jones, technical analyst at Commerzbank.

According to Jones, the Pound is trading on a negative bias while below 1.6585: "GBP/USD again tested and stalled at Fibonacci retracement resistance at 1.6585 (78.6% retracement), while below here our negative bias remains."

Intra-day reversals should be hold at the 1.6265/28 (55 day ma) area, says Jones: "Intraday dips will find minor support at 1.6265/28 (55 day ma) – failure here casts the market back into the lower half of its recent range targeting 1.6045, 1.5800 (range lows and 4 month uptrend)."
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