25 Mar 2015
GBP/USD: 1.4813 re-test on the cards?
FXStreet (Guatemala) - GBP/USD is currently trading at 1.4887 with a high of 1.4955 and a low of 1.4829.
GBP/USD trades along the ascending resistance line from 1.4630 to recent highs of circa 20 pips sub the psychological 1.50 level. The greenback is soft on the durable goods miss while an underlying factor remains with the risk in the looming elections in the UK.
Meanwhile, Karen Jones, chief analyst at Commerzbank expects GBP/USD to continue to oscillate between last week’s extremes at 1.5148 and 1.4636. "While 1.5148 caps it should remain under pressure and we look for a retest of the 1.4813 2013 low and then the 1.4636 current March low. Eventually the 1.4291/29 area will be targeted. It is where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low. Key resistance remains the 2014-2015 downtrend channel resistance line at 1.5358. While it caps, the down trend will remain intact."
GBP/USD trades along the ascending resistance line from 1.4630 to recent highs of circa 20 pips sub the psychological 1.50 level. The greenback is soft on the durable goods miss while an underlying factor remains with the risk in the looming elections in the UK.
Meanwhile, Karen Jones, chief analyst at Commerzbank expects GBP/USD to continue to oscillate between last week’s extremes at 1.5148 and 1.4636. "While 1.5148 caps it should remain under pressure and we look for a retest of the 1.4813 2013 low and then the 1.4636 current March low. Eventually the 1.4291/29 area will be targeted. It is where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low. Key resistance remains the 2014-2015 downtrend channel resistance line at 1.5358. While it caps, the down trend will remain intact."