Published: Thu, 02 Jul 2009 20:08:00 +0200

Forex: GBP/USD back above 1.6400

FXstreet.com (Córdoba) ? The Pound is recovering against the Dollar. GBP/USD is now above the price it had before the release of the employment report. The pair has risen after bottoming 1.6320 (intra-day low) but is still down 0.50% from the opening price. On the recovery path GBP/USD has found resistance at the 1.6430 zone.

Ralph Shell, ForexRazor's analyst, comments: ?This pair has spent the better part of the last month in the 1.62 to 1.65 trading area. A brief visit to new highs this week was quickly repulsed, and we are now flirting with a downside retreat. Some of the short term moving averages have turned down. UK economic news failed to confirm an imminent recovery, but we really have a less ugly contest as things are not that bright on this side of the Atlantic either.?

By Fxstreet.com

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