Google Search

Monday, November 30, 2009

GBP/USD rises back above 1.6400

Cable decline has found support at 1.6380. GBP/USD rose back above 1.6400 and at the moment trades at 1.6418/24, 0.50% below today’s opening price. Despite recent recovery from the lows of the day, Cable is 170 pips far from 1.6593 (intra-day high). To the upside immediate resistance lies at 1.6440 and above at 1.6465 and 1.6505.

Michael J. Malpede, affirms: “GBP traded lower with gains limited by report of an unexpected decline in UK consumer confidence and comments from BOE's Posen that it's too early for the BOE to exit monetary stimulus.” Regarding the technical outlook he comments that is negative “as GBP trades below 1.6400. Expect near-term support at 1.6272 the November 27th low with resistance at 1.6595 for November 30th high.”

No comments: