Forex: Pound aproaching to 1.6000

By IBTimes Staff Reporter | December 21 2009 6:45 PM

FXstreet.com (Buenos Aires) - GBP/USD Current price: 1.6047. Dollar strength has extended to Pound that finally gave up after losing past week low of 1.6060, now first resistance to consider for next hours. Indicators are mostly flat in the hourly, yet pointing slightly up, yet with not enough strength to trigger upside momentum in the pair.

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20 SMA turning to the downside and around 1.6100, is next resistance level to consider; only above this last we could see some upside recovery, while under 1.6020, pair likely to resume downtrend, with an immediate support at 1.5970 area, said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.6020 1.5970 1.5920. Resistance levels: 1.6060 1.6110 1.6150.

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