2 Sep 2013
GBP/USD unable to pierce 1.5600
FXstreet.com (New York) - The GBP/USD foreign exchange rate could not summon the strength needed to break the 1.5600 barrier Monday, moving sideways at the onset of US trading.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD kick started trading this week with a bullish gap. Stability above 1.5550 weakens the downside move without cancelling it, as trading below 1.5645 is still negative and we will count on it this week. We will wait for the pair to trade again below 1.5645 represented in 78.6% correction to better favor the downside move.”
The GBP/USD has not been able to reclaim its earlier European highs at 1.5595 Monday, instead easing back towards the 1.5575 region in these moments (+0.26%). Briefing the technicals, the GBP/USD remains by heavy resistance at 1.5609, notes the Mataf.net analyst team.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD kick started trading this week with a bullish gap. Stability above 1.5550 weakens the downside move without cancelling it, as trading below 1.5645 is still negative and we will count on it this week. We will wait for the pair to trade again below 1.5645 represented in 78.6% correction to better favor the downside move.”
The GBP/USD has not been able to reclaim its earlier European highs at 1.5595 Monday, instead easing back towards the 1.5575 region in these moments (+0.26%). Briefing the technicals, the GBP/USD remains by heavy resistance at 1.5609, notes the Mataf.net analyst team.