4 Mar 2015
GBP/USD breaks key technical support
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5267 with a high of 1.5373 and a low of 1.5254.
Post breaking a key technical support, GBP/USD bears have been held up around the the 200 h4 ma at 1.5261 and ahead of the 50 fib and 55 dma at 1.5251. The major is moving along with the theme of the greenback that has strengthened across the board while 1.52870 comes in as resistance as the pair consolidates the drop. From the calendar, ADP Employment Change (Feb) missed expectations at 212k vs consensus of 220k while Markit Services PMI (Feb) improved on expectations at 56.9 vs 56.5.
Technically, Karen Jones, chief analyst at Commerzbank explained that GBP/USD remains offered following last weeks key day reversal. "we continue to suspect that the market has topped at 1.5550. The market briefly traded above its cloud last week – we regard this as a false break higher and usually when these have been seen, markets tend to aggressively trade in the opposite direction."
Post breaking a key technical support, GBP/USD bears have been held up around the the 200 h4 ma at 1.5261 and ahead of the 50 fib and 55 dma at 1.5251. The major is moving along with the theme of the greenback that has strengthened across the board while 1.52870 comes in as resistance as the pair consolidates the drop. From the calendar, ADP Employment Change (Feb) missed expectations at 212k vs consensus of 220k while Markit Services PMI (Feb) improved on expectations at 56.9 vs 56.5.
Technically, Karen Jones, chief analyst at Commerzbank explained that GBP/USD remains offered following last weeks key day reversal. "we continue to suspect that the market has topped at 1.5550. The market briefly traded above its cloud last week – we regard this as a false break higher and usually when these have been seen, markets tend to aggressively trade in the opposite direction."