OctaFX | OctaFX Forex Broker
Open trading account

Forex: GBP/USD spikes to key 1.5320 resistance

In a rather unusual move, the British Pound has just exploded higher over 60 pips breaking resistance at 1.5270 to find its session peak at 1.5320. The spike comes after buyers emerged off 1.5130 lows, negating further follow through to an otherwise strong US Dollar, which recorded substantial gains against the Euro, for example.

Valeria Bednarik, chief analyst at FXstreet.com, notes: "A correction higher sees 1.5320 area as primary selling zone. Back below 1.5200 on the other hand, should deny any possibility of extending higher and see price looking for fresh lows" she said. The resistance at 1.5320 has also the confluence of the 20-EMA on the H4 chart crossing at the exact same level.

There has been no news reported that account for the rise in the British Pound.

Forex Flash: GBP/USD likely to fall to 1.48 - HSBC

The fall in GBP has been substantial but on a historical basis this is still not the case, says HSBC.
Read more Previous

Forex: AUD/USD extends gains above 1.0320

AUD/USD extends the gains following RBA gov not very dovish comments earlier on the session, printing fresh highs at 1.0322, now off those highs at 1.0315 last. Aussie is also stronger against Euro, printing fresh 1-month lows in EUR/AUD cross at 1.2791. AUD/USD is back to positive for the week so far, up a tiny +0.16%, while Australian ASX index is higher by near +1% for the day.
Read more Next
Start livechat