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25 Mar 2013
Forex: GBP/USD consolidates losses below 1.5200
FXstreet.com (Barcelona) - The sterling is struggling to regain the key resistance of 1.5200 on Monday, as the risk-off tone is growing bigger amid renewed concerns on Cyprus.
In the opinion of William Moore, “The immediate stand-out technical level is the previous support band at 1.5300/5330 which, up until February this year, had supported price action very successfully since the summer of ’10… So the bias here is to begin to refavour the USD when the market creeps higher back towards 1.5300 and to re target the 1.5115/1.4907 levels”.
GBP/USD is now retreating 0.35% at 1.5177 facing the next support at 1.5143 (low Mar.25) ahead of 1.5090 (low Mar.21) and then 1.5026 (low Mar.20).
On the flip side, a breakout of 1.5262 (high Mar.25) would clear the way to the psychological level of 1.5300 and then 1.5330 (high Feb.22).
In the opinion of William Moore, “The immediate stand-out technical level is the previous support band at 1.5300/5330 which, up until February this year, had supported price action very successfully since the summer of ’10… So the bias here is to begin to refavour the USD when the market creeps higher back towards 1.5300 and to re target the 1.5115/1.4907 levels”.
GBP/USD is now retreating 0.35% at 1.5177 facing the next support at 1.5143 (low Mar.25) ahead of 1.5090 (low Mar.21) and then 1.5026 (low Mar.20).
On the flip side, a breakout of 1.5262 (high Mar.25) would clear the way to the psychological level of 1.5300 and then 1.5330 (high Feb.22).