24 Jun 2013
GBP/USD breaking below support
FXstreet.com (London) - GBP/USD bears are offering the pair below support 1.5350 currently.
GBP/USD has continued to print lower on the session, having lost some 100 pips in Asia with US yields higher and investors flooding to the greenback again. The UK economy hasn’t anything on schedule for release on he calendar today, and the market is free to test the lows for the meantime.
GBP/USD has reached the 55 day ma
Karen Jones, analyst at Commerzbank, said that GBP/USD last week sold off aggressively from 1.5752 and they continue to view this as a minor top for the market. This move lower has reached the 55 day ma at 1.5378, and she said failure here is needed to signal a slide to the support line at 1.5066. The base of the daily cloud at 1.5218 may offer support en route. She said that rallies should now find resistance at 1.5525/60 ahead of Thursday’s 1.5736 high and the 1.5782 61.8% retracement of this years move, 1.5788 the 200 week moving average is also located here and in all represent a tough band of resistance.
GBP/USD has continued to print lower on the session, having lost some 100 pips in Asia with US yields higher and investors flooding to the greenback again. The UK economy hasn’t anything on schedule for release on he calendar today, and the market is free to test the lows for the meantime.
GBP/USD has reached the 55 day ma
Karen Jones, analyst at Commerzbank, said that GBP/USD last week sold off aggressively from 1.5752 and they continue to view this as a minor top for the market. This move lower has reached the 55 day ma at 1.5378, and she said failure here is needed to signal a slide to the support line at 1.5066. The base of the daily cloud at 1.5218 may offer support en route. She said that rallies should now find resistance at 1.5525/60 ahead of Thursday’s 1.5736 high and the 1.5782 61.8% retracement of this years move, 1.5788 the 200 week moving average is also located here and in all represent a tough band of resistance.