British Pound (GBP)

The Pound weakened versus the Dollar after earlier reaching its highest rate in 2 weeks. Manufacturing PMI came out stronger with 54.1 and Net Lending to Individuals came out stronger with 1.1B leading the Pound toward 1.6235 resistance level, but selling pressure along with U.S economic data drove the pound lower to 1.61 again. Until GBP/USD is able to remain above 1.62 a short position is preferred. Overall, GBP/USD traded with a low of 1.6058 and a high of 1.6240. Today, Construction PMI is expected 47.6 versus 47 prior.

GBP/USD - Last: 1.6090

Resistance

1.6150

1.6200

1.6240

Support

1.6065

1.6020

1.5990

GBPUSD

Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.