OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: GBP/USD unable to close weekly opening gap below 1.55

Little changed since early weekly start with a gap down to current quote at 1.5472, Cable has been moving in between fresh 7-month lows 1.5437, and weekly highs at 1.5508 for the time being, unable to close the gap lower so far. London session ahead will offer a blank economic agenda Pound related, eyeing Wednesday's BoE minutes and UK Claimant count change as next key risk events ahead for the pair, that is down -4.86% since year started.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “Technical readings both in the 1 and the 4 hours chart stand in negative territory, and there are no signs of a bottom around. A break below 1.5440 immediate support should favor a test of 1.5400 area, while once below this last, 1.5260 seems achievable in the upcoming sessions,” Valeria remarks, while for FXMarketAlerts Team: “current recovery should provide better entry levels for bears so long stronger resistance at 1.5549 is not violated. Below 1.5438, bears eyeing next support at 1.5414 then 1.5393,” the analysts say.

For Valeria, support levels are found at: 1.5440, 1.5400 and 1.5370, while resistance levels at: 1.5480, 1.5510 and 1.5535.

Session Recap: Yen recovers as Japan rhetoric eases

The Japanese Yen ends the session as the strongest currency following comments from Japan's Finance Minister Mr. Aso, saying that there is no plans to buy foreign bonds through the country's funds. The news is a step back in the kind of aggressive language Yen sellers would like to see to continue the bears party.
Read more Previous

Forex Flash: EUR/USD break below 1.3270 opens up 1.3187 - UBS

According to UBS FX Strategy team: “There is strong support at 1.3270,” for EUR/USD, the analysts say, adding: “Only a closing break below this would trigger deeper sell-off to 1.3187,” while “Resistance is at 1.3393 ahead of 1.3520,” the team concludes.
Read more Next
Start livechat