22 Aug 2013
GBP/USD cannot hold sustained push above 1.5600
FXstreet.com (New York) - The GBP/USD foreign exchange rate fell off the 1.5600 region during US trading, extending its weakness Thursday.
Technically speaking, the GBP/USD is now trading at 1.5579, incurring a tumble of -0.52% off its opening thus far. Briefing the technicals, the GBP/USD is currently testing support at 1.5573, a break of which will open up 1.5533, and 1.5460.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has come close to but did not quite reach the uptrend channel resistance line, 200 week moving average and the June peak at 1.5752/55 before dropping. Another interim top is now likely to be in place. For this to be confirmed it will have to fall through last week’s low at 1.5424. Minor support above this level is seen around the 1.5574 early August high and then around the 200-day MA at 1.5519.”
Technically speaking, the GBP/USD is now trading at 1.5579, incurring a tumble of -0.52% off its opening thus far. Briefing the technicals, the GBP/USD is currently testing support at 1.5573, a break of which will open up 1.5533, and 1.5460.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD has come close to but did not quite reach the uptrend channel resistance line, 200 week moving average and the June peak at 1.5752/55 before dropping. Another interim top is now likely to be in place. For this to be confirmed it will have to fall through last week’s low at 1.5424. Minor support above this level is seen around the 1.5574 early August high and then around the 200-day MA at 1.5519.”