by Fri, 05 Nov 2010 00:25:00 +0100
Forex. GBP/USD consolidates near 1.6300
FXstreet.com (Buenos Aires) – GBP/USD Current price: 1.6269. Pound soar against major rivals this Thursday, after BOE decided not to extend the asset purchasing program in their last meeting, favoring a recovery in price towards the 1.6300 area; currently consolidating nearby, pair seems to be forming a small continuation triangle in the hourly chart, supporting a bullish continuation despite indicators reached extreme overbought readings.
“4 hours indicators also look exhausted to the upside, yet dollar weakness should keep the downside limited; expect some consolidations ahead of Europe opening,” said Valeria Bednarik, collaborator at FXstreet.com.
Support levels: 1.6240 1.6200 1.6160. Resistance levels: 1.6300 1.6330 1.6360.
| Technical Analysis (2010-11-04 23:15 GMT) | |
|---|---|
GBP/USD 1.62682/1.62727 - O: 1.6049 H: 1.6052 L: 1.6044 C: 1.6051 | |
| Trend | R3: 1.6355 |
 | R2: 1.6315 |
| R1: 1.6274 | |
| S1: 1.6190 | |
| S2: 1.6230 | |
| S3: 1.6271 | |
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