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Forex: GBP/USD plummets to session lows at 1.5168/72

FXstreet.com (Barcelona) - The GBP/USD upside is now a relic of the past, following the brief peak at the 1.5260 (intraday maximum) level during overnight trading. However, since then the pair has been in free fall, establishing fresh lows in these moments at 1.5168/72, down -0.38% Tuesday.

Following the break below calculated support at 1.5190, ICN.com analysts identify additional corrective measures at 1.5145, then 1.5100, and finally the 1.5080 handle. Conversely, resistances for the GBP/USD will initiate at 1.5250 onto 1.5280 and ultimately 1.5310.

According to the ICN.com Technical Analyst Team, “The GBP consolidated above 1.5190 again forming an ascending support alongside its linear regression indicators that are trading positively. Despite the negativity shown on momentum indicators however, trading above 1.5190 levels is considered positive and might extend the bullish move.

Forex Flash: CBR cuts 25bp on some LTRO rates – TD Securities

The Central Bank of Russia kept its rates unchanged as expected, but lowered by 25bp the rates on some long-term refinancing operations, “which the Bank does not expect to significantly affect money-market interest rates, but will lower the costs of financing for credit institutions, making monetary policy more effective”, according to TD Securities analysts. “There was speculation ahead of the announcement that the CBR may cut rates today, justifying the spike in yields after the announcement, as these expectations were disappointed. However, the CBR removed from their statement the sentence that "the current level of money market interest rates is appropriate for achieving the balance of the main macroeconomic risks", opening the way to lower rates in May or (more likely) in June”, wrote analyst Tim Davis.
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Forex Flash: GBP/USD confirms end of correction higher below 20-day MA, at 15096 - Commerzbank

Last week, the market failed at the 1.5269 June 2012 low, but so far is holding over its 20 day moving average, which is located at 1.5096, and needs to break below here to alleviate immediate upside strength. “It is likely that the up move has terminated here, we note that last weeks high is indicated to be the end of the correction higher seen in March but we await a break below the 20 day ma as added confirmation”, wrote analyst Karen Jones, looking for losses towards the psychological 1.5000 region then the 1.4832 March low.” Longer term we look for losses to 1.4229, the 2010 low. Minor support can be seen around the 1.5176 March 15 high. Above 1.5270/75 would imply a deeper retracement to 1.5419 then 1.5600”, she added.
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