Daily Review - GBP

By IBTimes Staff Reporter | January 13 2010 8:17 AM

British Pound (GBP)

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The Pound posted moderate gains against the Dollar and the Euro. The Sterling lost an upside momentum after renewed failure attempt of break above 1.6200 level and retraced to the 1.6150 level. The European Trade Balance index came out at -6.8B, better than the expected -7B. On the technical view, if the 1.6120 level fails to hold, a downside back to 1.6 could be seen. Overall, GBP/USD traded with a low of 1.6061 and a high of 1.6192. Today, The Manufacturing Production is expected at 0.3% vs. 0% previously.

GBP/USD - Last: 1.6065

Resistance

1.6240

1.6275

1.6315

Support

1.6120

1.6065

1.6025

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