20 Aug 2013
GBP/USD looks stable around 1.5680
FXstreet.com (Edinburgh) -After climbing to the very doorsteps of 1.5700 the figure, the GBP/USD has retraced some ground although the context is clearly favourable to the risk-associated assets.
GBP/USD focus on 1.5750
The pair retraced almost the whole June-July decline to ytd lows around 1.4810, and is now looking to challenge the mid 1.5700s propped up by the bullish momentum around the sterling. “Given the background bias towards a persistent and frustrating period of range trading, the current push above 1.5650 should be treated with due caution. Short term price action appears constructive and could allow for a further push (through interim resistance at 1.5680) towards the interim retracement level of 1.5790”, suggested Tim Riddell, Head of Global Market Research at ANZ.
GBP/USD levels to watch
At the moment the pair is advancing 0.20% at 1.5680 with the next hurdle at 1.5723 (high Jun.18) ahead of 1.5753 (high Jun.17) and then 1.5782 (61.8% of 1.6380-1.4814). On the downside, a break below 1.5629 (low Aug.20) would open the door to 1.5610 (low Aug.19) and finally 1.5608 (low Aug.16).
GBP/USD focus on 1.5750
The pair retraced almost the whole June-July decline to ytd lows around 1.4810, and is now looking to challenge the mid 1.5700s propped up by the bullish momentum around the sterling. “Given the background bias towards a persistent and frustrating period of range trading, the current push above 1.5650 should be treated with due caution. Short term price action appears constructive and could allow for a further push (through interim resistance at 1.5680) towards the interim retracement level of 1.5790”, suggested Tim Riddell, Head of Global Market Research at ANZ.
GBP/USD levels to watch
At the moment the pair is advancing 0.20% at 1.5680 with the next hurdle at 1.5723 (high Jun.18) ahead of 1.5753 (high Jun.17) and then 1.5782 (61.8% of 1.6380-1.4814). On the downside, a break below 1.5629 (low Aug.20) would open the door to 1.5610 (low Aug.19) and finally 1.5608 (low Aug.16).