GBP-USD Prediction april 13 2012

forex trading outlook today - GBP-USD Prediction april 13 2012, forex European opening april 13 2012, Technical Analysis GBP-USD for april 13 2012, Sterling 13-4 2012 : Sterling is under a bit of selling pressure against its US counterpart in late Asia, with GBP/USD having traded down to 1.5936 from an earlier high of 1.5967 in the midst of some mild risk aversion following China’s soft GDP number this Friday. At time of writing, the pair is quoted in the 1.5940 price zone, recording a 0.1% loss as we approach the end of Asia-Pacific trading.

In the European session ahead, a slew of March Producer Price Index data to be released at 08:30 GMT will be the key risk event for GBP.

GBP-USD Recommended Levels for april 13 2012

S3	S2	S1	R1	R2	R3
0.8218	0.8239	0.8259	0.8263	0.8283	0.8304

High : 0.8270
Low : 0.8258

Versus its common currency, sterling is practically unchanged so far on the day, having traded within a tight 10-pip range between 0.8255 and 0.8265, last quoted at 0.8260. This price action follows EUR/GBP’s overnight false-break and strong rejection of strong support around 0.8225, suggesting the market may have entered a consolidative period before a possible bullish continuation. Should that be the case, resistance is noted at the 38.2% Fibonacci retracement level of the 0.8393/0.8225 downswing

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