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6 Feb 2013
Forex: GBP/USD jumps over 30 pips to trade in positive territory
In what looked like a rather bleak affair this morning turned into one of optimism as the GBP/USD jumped over 30 pips in recent minutes off of the 1.5640 mark to trade positively Wednesday. At the time of writing, the cross is showing signs of life, having settled in the area of 1.5670/71, clinging to a narrow +0.07% gain during European trading.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The GBP/USD continues to trend lower after a previous attempt at 1.5673/84 failed resulting in the testing of the next target at 1.5634, (16 August low), ahead of the psychological 1.5600 level. Yesterday’s outside day confirms the negative structure and keeps the downside favored, as lower timeframe studies maintain bearish tone and keep immediate focus at 1.5600.”
In an unlikely move positive in recent moments, Drvenica isolates the next resistances at 1.5673, onto 1.5684, and eventually 1.5700. Conversely, a waning in the GBP/USD will initiate supportive correction found at 1.5629, 1.5600 (key barrier), and finally 1.5550.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The GBP/USD continues to trend lower after a previous attempt at 1.5673/84 failed resulting in the testing of the next target at 1.5634, (16 August low), ahead of the psychological 1.5600 level. Yesterday’s outside day confirms the negative structure and keeps the downside favored, as lower timeframe studies maintain bearish tone and keep immediate focus at 1.5600.”
In an unlikely move positive in recent moments, Drvenica isolates the next resistances at 1.5673, onto 1.5684, and eventually 1.5700. Conversely, a waning in the GBP/USD will initiate supportive correction found at 1.5629, 1.5600 (key barrier), and finally 1.5550.