24 Jul 2013
GBP/USD below hard selling area 1.54
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last trading at 1.5373, off recent session highs at 1.5390, highest since late June, a +0.68% higher for the week so far.
GBP/USD facing strong resistance above 1.5380
We have now run into sellers in the resistance area between 1.5380/90,” said FX Charts analyst Jim Langlands, adding: “This is not going to be easy to overcome today, with 1.5380 being the base of the daily cloud, while 1.5388 is 61.8% of 1.5750/1.4813. If these can be overcome, we could get a bit of a run towards 1.5430, beyond which, Cable could begin to accelerate towards 1.5500 and potentially to 1.5525 (76.4% of 1.5750/1.4813).”
GBP/USD key technical levels
Immediate resistance to the upside for GBP/USD shows at recent session/fresh 4-week/yesterday's highs 1.5386/92, followed by June 20 lows at 1.5412, and June 26 highs at 1.5440. To the downside, closest support lies at June 24 lows 1.5342, followed by late London session lows at 1.5324, and July 03 highs at 1.5304.
GBP/USD facing strong resistance above 1.5380
We have now run into sellers in the resistance area between 1.5380/90,” said FX Charts analyst Jim Langlands, adding: “This is not going to be easy to overcome today, with 1.5380 being the base of the daily cloud, while 1.5388 is 61.8% of 1.5750/1.4813. If these can be overcome, we could get a bit of a run towards 1.5430, beyond which, Cable could begin to accelerate towards 1.5500 and potentially to 1.5525 (76.4% of 1.5750/1.4813).”
GBP/USD key technical levels
Immediate resistance to the upside for GBP/USD shows at recent session/fresh 4-week/yesterday's highs 1.5386/92, followed by June 20 lows at 1.5412, and June 26 highs at 1.5440. To the downside, closest support lies at June 24 lows 1.5342, followed by late London session lows at 1.5324, and July 03 highs at 1.5304.