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May 27, 2013
GBP/USD retreats from highs, around 1.5130/35
FXstreet.com (Barcelona) - After hitting fresh intraday highs in the vicinity of 1.5160, the sterling is now correcting lower and falling to the 1.5130 region.
Very light docket ahead in the week for the pound, with Nationwide house prices and the Gfk Consumer Confidence in the limelight. According to Axel Rudolph, Senior Technical Analyst at Commerzbank, “We will remain immediately bearish while GBP/USD trades below its May 16 high at 1.5322, though. Key resistance is seen at the 1.5601 50% retracement of the down move seen this year. While trading below here, GBP/USD is viewed as having topped”.
As of writing, the pair is losing 0.02% at 1.5131 and a violation of 1.5110 (low May 27) would open the door to 1.5065 (low May 24) and then 1.5014 (low May 23). On the other hand, resistance levels align at 1.5149 (high May 27) followed by 1.5170 (MA10d) and then 1.5175 (high May 22).
Very light docket ahead in the week for the pound, with Nationwide house prices and the Gfk Consumer Confidence in the limelight. According to Axel Rudolph, Senior Technical Analyst at Commerzbank, “We will remain immediately bearish while GBP/USD trades below its May 16 high at 1.5322, though. Key resistance is seen at the 1.5601 50% retracement of the down move seen this year. While trading below here, GBP/USD is viewed as having topped”.
As of writing, the pair is losing 0.02% at 1.5131 and a violation of 1.5110 (low May 27) would open the door to 1.5065 (low May 24) and then 1.5014 (low May 23). On the other hand, resistance levels align at 1.5149 (high May 27) followed by 1.5170 (MA10d) and then 1.5175 (high May 22).