Forex: GBP/USD bounces at 1.6495, back above 1.6580 ahead the US GDP

Tue, Nov 24 2009, 12:33 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) – The Sterling has reacted up against the Greenback after hitting today's low at 1.6495 to bounces from this level to trade above MA55 hourly chart at 1.6560 and trade close to 1.6580. Currently the pair is trading 1.6575/85, 0.15% below today's opening price action at 1.6602.

The United States expects to confirm its recovery with its 3.0% increases in the 3Q annualized GDP preliminary release. Previous data was posted as 3.5% increases in the 2Q.

The Kshitij Consultancy Service Team comments: “Cable has risen from the day's low of 1.6496. Immediate Resistance is seen at 1.6575, a break above which might see a rise towards 1.6640-60. A strong break above 1.6660 might target 1.6730-50. On the other hand if the immediate Resistance at 1.6575 holds, we might see a downmove towards 1.6450-30. Currently the pair is looking mixed with 50-50 chances of moving in either direction.”

GBP/USD (Nov 24 at 12:43 GMT)

1.6575/78 (-0.17%)

H 1.66182 L 1.6494

S3	S2	S1	R1	R2	R3
1.6481	1.6522	1.6564	1.6605	1.6646	1.6688

[?]Trend Index	[?]OB/OS Index
Slightly Bullish	Neutral
Data updated on Nov 24 at 12:40 (15-minute timeframe)