Back
14 Aug 2013
GBP/USD, it is a knock off?
FXstreet.com (Chicago) - GBP/USD edged higher to break above immediate resistance at 1.5531 momentarily but was unable to consolidate gains as the bears knocked the pair back down below 1.5515.
Price action indicates the pair is capped at 1.5515 (August 9th highs) ahead of 1.5531 (August 7th highs) and 1.5558 (August 19th highs). On the downside, supports remain aligned at 1.5488 (August 8th lows), 1.5455 (June 24th highs) and 1.5431 (August 13th lows). The FXstreet.com trend index reports the pair as strongly bullish on one-hour timeframe analysis as it navigates above EMA20.
According to the ICN technical analysis team, the “trading range for today is among key support at 1.5350 and key resistance at 1.5550” implying no further extension of upswing above third resistance at 1.5558.
Price action indicates the pair is capped at 1.5515 (August 9th highs) ahead of 1.5531 (August 7th highs) and 1.5558 (August 19th highs). On the downside, supports remain aligned at 1.5488 (August 8th lows), 1.5455 (June 24th highs) and 1.5431 (August 13th lows). The FXstreet.com trend index reports the pair as strongly bullish on one-hour timeframe analysis as it navigates above EMA20.
According to the ICN technical analysis team, the “trading range for today is among key support at 1.5350 and key resistance at 1.5550” implying no further extension of upswing above third resistance at 1.5558.