28 Jun 2013
GBP/USD stabilizing below 1.5200 level
FXstreet.com (New York) - The GBP/USD foreign exchange rate has been highly volatile during US trading Friday, ranging below the 1.5200 barrier after bottoming out earlier at 1.5164 (intraday low).
GBP/USD cannot regain 1.5200 region
In recent minutes however, the GBP/USD has found some measure of stability, albeit deeply entrenched in negative territory at 1.5187 presently (-0.47% below its opening). The ICN.com Technical analyst team has identified measures of support at 1.5150, ahead of 1.5130, and ultimately 1.5100.
GBP/USD move below 1.5100 portended
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has eroded the top of its cloud, and looks set to erode the base of the cloud at 1.5218 and the 61.8% retracement at 1.5183. We target the support line at 1.5079 and slightly longer term the 1.5009 May low and then the 1.4832 March low.”
GBP/USD cannot regain 1.5200 region
In recent minutes however, the GBP/USD has found some measure of stability, albeit deeply entrenched in negative territory at 1.5187 presently (-0.47% below its opening). The ICN.com Technical analyst team has identified measures of support at 1.5150, ahead of 1.5130, and ultimately 1.5100.
GBP/USD move below 1.5100 portended
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has eroded the top of its cloud, and looks set to erode the base of the cloud at 1.5218 and the 61.8% retracement at 1.5183. We target the support line at 1.5079 and slightly longer term the 1.5009 May low and then the 1.4832 March low.”