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May 10, 2013
Forex: GBP/USD in lows around 1.5380/85
FXstreet.com (Barcelona) - The sterling continues to trade in a soft tone on Friday, consolidating losses below the key level at 1.5400 as risk aversion is intensifying.
“Prices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. Near-term support is at 1.5385, the 14.6% Fibonacci retracement, with a break below that targeting the channel bottom at 1.5342. Channel resistance is now at 1.5650”, suggested I.Spivak, Currency Strategist at DailyFX.
GBP/USD is now losing 0.44% at 1.5380 and a breakdown 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).
“Prices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. Near-term support is at 1.5385, the 14.6% Fibonacci retracement, with a break below that targeting the channel bottom at 1.5342. Channel resistance is now at 1.5650”, suggested I.Spivak, Currency Strategist at DailyFX.
GBP/USD is now losing 0.44% at 1.5380 and a breakdown 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).