Forex: GBP/USD holds around 1.6100

 @ibtimes
on January 04 2010 2:09 PM

FXstreet.com (Buenos Aires) - Pound has been again a wide range mover this first trading day of the year, reaching an intraday high of 1.6240, and a daily low at 1.6056 early Europe; now holding around 1.6100, pair points for a probable daily close favoring greenback, almost the only currency losing ground against American dollar, despite early U.K. data come out better than expected.

According to Valeria Bednarik, Fxstreet.com collaborator, After completing a pullback to the daily descendant trend line broken past week, pair is regaining the upside, and holding above the 20 SMA in the hourly chart. Bigger time frames remain bullish supporting also further rises for current American session, yet 200 EMA in the 4 hours charts around 1.6250 remains the key resistance level to watch: only a clear break above it, could extend current upside rally during next sessions.

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