9 Aug 2013
GBP/USD consolidating gains above 1.5530
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last quoted at 1.5541, off recent session lows at 1.5528, retracing from fresh 7-week NY session highs at 1.5574, on the back of broad USD weakness, ahead of UK trade balance data at 08:30 GMT.
GBP/USD upward momentum remains intact
“Pound surged up to 1.5571 against the greenback, standing around the 78.6% retracement of its latest daily fall around 1.5550,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows price above its 20 SMA and indicators in positive territory although the lack of volume around keeps majors mostly in tight range after sporadically advances. In the 4 hours chart the upward momentum remains intact supporting further gains in the pair towards 1.5750 area, June high.”
GBP/USD key technical levels
Bednarik sees support levels at: 1.5520, 1.5460 and 1.5420, while resistance levels at: 1.5550, 1.5600 and 1.5645.
GBP/USD upward momentum remains intact
“Pound surged up to 1.5571 against the greenback, standing around the 78.6% retracement of its latest daily fall around 1.5550,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows price above its 20 SMA and indicators in positive territory although the lack of volume around keeps majors mostly in tight range after sporadically advances. In the 4 hours chart the upward momentum remains intact supporting further gains in the pair towards 1.5750 area, June high.”
GBP/USD key technical levels
Bednarik sees support levels at: 1.5520, 1.5460 and 1.5420, while resistance levels at: 1.5550, 1.5600 and 1.5645.