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May 10, 2013
Forex: GBP/USD keeps the red below 1.5400
FXstreet.com (Barcelona) - The prevailing risk aversion in the global markets since yesterday is dragging the sterling to sub 1.5400 levels on Friday, quickly leaving behind post-BoE highs in the vicinity of 1.5600 on Thursday.
“Loss of the 1.5412 mid-April peak is needed to alleviate immediate upside pressure and signal a slide back to the 1.5345 uptrend line. Failure here is needed to confirm the idea that the market has resumed its down move”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.
As of writing, the cross is retreating 0.35% at 1.5393 and a breach of 1.5343 (Channel Base – Mar low) would open the door to 1.5265 (low Apr.25) and finally 1.5227 (low Apr.24).
On the other hand, resistance levels align at 1.5447 (low May 7) followed by 1.5471 (low May 8) and then 1.5513 (MA10d).
“Loss of the 1.5412 mid-April peak is needed to alleviate immediate upside pressure and signal a slide back to the 1.5345 uptrend line. Failure here is needed to confirm the idea that the market has resumed its down move”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.
As of writing, the cross is retreating 0.35% at 1.5393 and a breach of 1.5343 (Channel Base – Mar low) would open the door to 1.5265 (low Apr.25) and finally 1.5227 (low Apr.24).
On the other hand, resistance levels align at 1.5447 (low May 7) followed by 1.5471 (low May 8) and then 1.5513 (MA10d).