• GBP/USD under pressure

Market news

16 May 2011

GBP/USD under pressure

Corrective pullback off earlier highs at $1.6222 seen meeting decent support at the reported demand interest level at $1.6180. Level corresponds to the 76.4% retrace of the move up from overnight lows of $1.6165 to $1.6222. A break here to expose that overnight low, with bids seen here, more toward $1.6150. Resistance now seen at $1.6220/25 ahead of $1.6235.

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