Tue, 19 Oct 2010 02:06:00 +0200

Forex: GBP/USD hovering around 1.5900

FXstreet.com (Buenos Aires) – GBP/USD Current price: 1.5910. Pound continues struggling around 1.5900,after being under pressure most of this Monday; lack of strength in the UK currency, kept the close limited below 1.5940, as market players away for latest BOE Minutes to be release this week.

Pair holds in range, with hourly indicators slightly bearish, and the upside limited by 20 SMA now acting as dynamic resistance around static 1.5920 price zone. “Bigger time frames are less clear as the pair continues to seem exhausted to the downside in 4 hours chart, yet as comment on previous update, at least a recovery above 1.5960 seems necessary to see the pair easing the bearish pressure,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.5870 1.5830 1.5770. Resistance levels: 1.5920 1.5960 1.6060.

Technical Analysis (2010-10-19 00:00 GMT)
GBP/USD 1.59039/1.59067 - O: 1.6006 H: 1.6011 L: 1.5997 C: 1.6005
Trend	R3: 1.5987
	R2: 1.5947
	R1: 1.5907
	S1: 1.5823
	S2: 1.5863
	S3: 1.5903