Forex: GBP/USD rally, capped at 1.6275

By IBTimes Staff Reporter | January 28 2010 6:50 AM

FXstreet.com (Barcelona) - Pound's recovery from 1.6135 low on Asian session, has extended oduring European trade to 1.6275 high, the upper level of the current week's channel, where the Pound has peaked before easing to levels around 1.6225.

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the pair remains bullish on hourly charts and Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets, foresses a break higher to levels around 1.6350: the pair has also seen good supply at 1.6272 but the pair looks set to break that level at time of writing and potentially set us up with a shorting opportunity up at 1.6350 (maybe just after the 1.6280 short stops get triggered).

Resistance levels, according to Rosenstreich, lie at 1.6265, and above here, 1.6300 and 1.6456. On the downside, support levels lie at 1.6120, and below here, 1.6060 and 1.5900.

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