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19 Feb 2013
Forex: GBP/USD upside capped around 1.5500
The sterling is testing session lows in the vicinity of 1.5465/70 on Tuesday, after another unsuccessful attempt to follow through the key resistance at 1.5500
According to I.Spivak. Currency Strategist at DailyFX, “prices broke below a critical support cluster marked by two alternative rising trend lines set from mid January 2009 (one based against the May 20 2010 low and the other against the June 1 2012) and took out the 38.2% Fibonacci expansion (1.5571). Sellers have now cleared the 50% level at 1.5488, exposing the 61.8% at 1.5403”.
At the moment, GBP/USD is flat at 1.5464 and a breakout of 1.5544 (high Feb.14) would aim for 1.5550 (high Feb.15) ahead of 1.5614 (MA10d).
On the flip side, support levels line up at 1.5414 (low Jul.13) en route to 1.5393 (low Jul.12) and finally 1.5375 (low Jun.6).
According to I.Spivak. Currency Strategist at DailyFX, “prices broke below a critical support cluster marked by two alternative rising trend lines set from mid January 2009 (one based against the May 20 2010 low and the other against the June 1 2012) and took out the 38.2% Fibonacci expansion (1.5571). Sellers have now cleared the 50% level at 1.5488, exposing the 61.8% at 1.5403”.
At the moment, GBP/USD is flat at 1.5464 and a breakout of 1.5544 (high Feb.14) would aim for 1.5550 (high Feb.15) ahead of 1.5614 (MA10d).
On the flip side, support levels line up at 1.5414 (low Jul.13) en route to 1.5393 (low Jul.12) and finally 1.5375 (low Jun.6).