GBP/USD: recovery limited below 1.6200
May 16th, 2011
Market keeps dancing at oil pace, with dollar slightly down against major rivals, after the barrel rose near current $ 100.00 following US oil inventories data. Still and according to this 4 hours chart, Pound recovery seems pretty much limited now, as per 20 SMA still heading south, currently around 1.6200 and acting as dynamic resistance for the cross. 4 hours CCI is bouncing higher from the -200 level, suggesting a limited bullish correction; as long as below 1.6200, expect the pair to remain under selling pressure, with 1.6060 as immediate target once below 1.6104 daily low.
Only clear recovery above 1.6220 may signal a bullish attempt that will probably remain limited below 1.6280 price zone.
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