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14 Feb 2013
Forex: GBP/USD holding steady around 1.5500
The sterling remains stuck around the key mark at 1.5500 on Thursday, as the increasing risk aversion undermines any attempt of gaining ground against the greenback.
“Rallies are expected to remain contained by 1.5830/79, the November 2012 low, 200 day ma, 38.2% retracement and the February high. While capped here it will remain directly offered”, assessed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
At the moment, the cross is losing 0.27% at 1.5499 with the next support at 1.5458 (low Jul.26) ahead of 1.5414 (low Jul.13) and finally 1.5393 (low Jul.12).
On the flip side, a break above 1.5544 (hourly high Feb.14) would intensify the upside towards 1.5666 (MA10d) ahead of 1.5690 (high Feb.13).
“Rallies are expected to remain contained by 1.5830/79, the November 2012 low, 200 day ma, 38.2% retracement and the February high. While capped here it will remain directly offered”, assessed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
At the moment, the cross is losing 0.27% at 1.5499 with the next support at 1.5458 (low Jul.26) ahead of 1.5414 (low Jul.13) and finally 1.5393 (low Jul.12).
On the flip side, a break above 1.5544 (hourly high Feb.14) would intensify the upside towards 1.5666 (MA10d) ahead of 1.5690 (high Feb.13).