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9 Apr 2013
Forex: GBP/USD back below 1.5300
FXstreet.com (Barcelona) - The upside in the sterling has once again faltered in the proximity of the 55-day moving average around 1.5330, currently falling below the key support of 1.5300.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “GBP/USD’s correction higher has touched its 55 day ma at 1.5330 and is stalling there. Between here and the 38.2% retracement of the move seen this year at 1.5420, we should ideally see failure”. However, the expert added that a visit to the area of 1.5600 should not be ruled out.
As of writing the cross is up 0.23% at 1.5291 with the next resistance at 1.5364 (high Apr.5) followed by 1.5426 (38.2% of Jan-Mar decline) en route to 1.5452 (high Feb.20).
On the flip side, a dip below 1.5204 (MA10d) would aim for 1.5199 (low Apr.5) and finally 1.5137 (MA21d).
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “GBP/USD’s correction higher has touched its 55 day ma at 1.5330 and is stalling there. Between here and the 38.2% retracement of the move seen this year at 1.5420, we should ideally see failure”. However, the expert added that a visit to the area of 1.5600 should not be ruled out.
As of writing the cross is up 0.23% at 1.5291 with the next resistance at 1.5364 (high Apr.5) followed by 1.5426 (38.2% of Jan-Mar decline) en route to 1.5452 (high Feb.20).
On the flip side, a dip below 1.5204 (MA10d) would aim for 1.5199 (low Apr.5) and finally 1.5137 (MA21d).