4 Sep 2013
GBP/USD is the rally over?
FXstreet.com (Chicago) - GBP/USD retraced 23.6% after reaching 1.5649 peaks. The pair accumulates 0.45% gains for a stellar monthly performance accounting for 2.20% advancements against the dollar.
Now that the Senate supported Obama’s military strike to Syria, it is a matter of time for the US to proceed with its plans to send troops and planes to the Middle Eastern country. After “modest” improvements in the economy, the greenback seems to hold back the sterling’s advancements. Having soared from 1.55 zone in two days, the pair records highs at 1.5649 after pennant pattern formation right before strongest spike. At 1.5626, the pair navigates between supports at 1.5607 (August 27th highs), 1.5577 (August 8th highs) ahead of 1.5538 (August 24th lows) and resistances at 1.5659 (August 15th highs), 1.5694 (August 20th highs) followed by 1.5739 (June 17th highs). According to the FXstreet.com trend index, the pair remains slightly bullish on one-hour timeframe analysis and is offered above the EMA20.
Now that the Senate supported Obama’s military strike to Syria, it is a matter of time for the US to proceed with its plans to send troops and planes to the Middle Eastern country. After “modest” improvements in the economy, the greenback seems to hold back the sterling’s advancements. Having soared from 1.55 zone in two days, the pair records highs at 1.5649 after pennant pattern formation right before strongest spike. At 1.5626, the pair navigates between supports at 1.5607 (August 27th highs), 1.5577 (August 8th highs) ahead of 1.5538 (August 24th lows) and resistances at 1.5659 (August 15th highs), 1.5694 (August 20th highs) followed by 1.5739 (June 17th highs). According to the FXstreet.com trend index, the pair remains slightly bullish on one-hour timeframe analysis and is offered above the EMA20.