7 Aug 2013
GBP/USD makes new highs above 1.5500
FXstreet.com (Córdoba) - The GBP/USD made new highs at the beginning of the New York session, mainly driven by greenback’s weakness.
GBP/USD extends gains
The US currency came under renewed pressure and fell versus most competitors after a negative opening in Wall Street amid Fed taper speculation. GBP/USD pushed through the 1.5500 level and printed a fresh 7-week high of 1.5505 before losing momentum. At time of writing, GBP/USD is trading around 1.5490, where it records a 0.9% gain on the day, after rallying in the wake of the BoE forward guidance.
GBP/USD with scope to test 1.5530
From a technical perspective, “The hourly chart shows indicators losing upward potential in overbought territory while in the 4 hours chart the upward momentum remains strong”, says Valeria Bednarik, chief analyst at FXstreet.com. “Retracements down to 1.5420 now should attract buyers, with scope for and advance up to 1.5530 area today once the daily high gives up”.
Bednarik locates immediate resistances at 1.5530 and 1.5565, while she places supports at 1.5460, 1.5420 and 1.5370.
GBP/USD extends gains
The US currency came under renewed pressure and fell versus most competitors after a negative opening in Wall Street amid Fed taper speculation. GBP/USD pushed through the 1.5500 level and printed a fresh 7-week high of 1.5505 before losing momentum. At time of writing, GBP/USD is trading around 1.5490, where it records a 0.9% gain on the day, after rallying in the wake of the BoE forward guidance.
GBP/USD with scope to test 1.5530
From a technical perspective, “The hourly chart shows indicators losing upward potential in overbought territory while in the 4 hours chart the upward momentum remains strong”, says Valeria Bednarik, chief analyst at FXstreet.com. “Retracements down to 1.5420 now should attract buyers, with scope for and advance up to 1.5530 area today once the daily high gives up”.
Bednarik locates immediate resistances at 1.5530 and 1.5565, while she places supports at 1.5460, 1.5420 and 1.5370.