2 Sep 2013
GBP/USD above 1.5550 ahead of UK manufacturing PMI
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last trading near session highs at 1.5561, a +0.37% higher for the week so far, ahead of UK manufacturing PMI data at 08:30 GMT while the US will remain closed over Labor Day holiday.
GBP/USD showing early week strength
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, GBP/USD showed early strength at the open surging above the 1.5550 level. “The hourly chart shows indicators aiming to cut their midlines to the upside, and current candle standing above a slightly bearish 20 SMA, while in the 4 hours chart technical readings are still flat around their midlines and price right above a bearish 20 SMA,” Bednarik added, extending: “Further gains above 1.5550 should see price advancing towards 1.5600 this Monday, while renewed selling pressure below 1.55 should deny the possibility of a recovery and see price easing towards 1.5425 past week low.”
GBP/USD key technical levels
Bednarik finds support levels at: 1.5490, 1.5445 and 1.5400, while resistance levels at: 1.5550, 1.5595 and 1.5630.
GBP/USD showing early week strength
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, GBP/USD showed early strength at the open surging above the 1.5550 level. “The hourly chart shows indicators aiming to cut their midlines to the upside, and current candle standing above a slightly bearish 20 SMA, while in the 4 hours chart technical readings are still flat around their midlines and price right above a bearish 20 SMA,” Bednarik added, extending: “Further gains above 1.5550 should see price advancing towards 1.5600 this Monday, while renewed selling pressure below 1.55 should deny the possibility of a recovery and see price easing towards 1.5425 past week low.”
GBP/USD key technical levels
Bednarik finds support levels at: 1.5490, 1.5445 and 1.5400, while resistance levels at: 1.5550, 1.5595 and 1.5630.