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11 Feb 2013
Forex: GBP/USD keeps lows around 1.5655/60
Bearishness surrounding the sterling is intensifying at the beginning of the week, dragging the cross to test last week’s lows in the vicinity of 1.5660
“My expectation remains much the same for GBP/USD of over the medium term; price action to stay heavy and range bound. 1.5964/6072 should provide the ceiling and the supports remain at 1.5600 and 1.5300. I’d still be more inclined to sell rallies than buy dips for now”, recommends W.Moore, analyst at RBS.
At the moment, GBP/USD is losing 0.90% at 1.5658 facing the next support at 1.5646 (low Feb.7) ahead of 1.5628 (low Feb.5) and finally 1.5584 (Lower Bollinger).
On the upside, a breakout of 1.5740 (MA10d) would expose 1.5819 (MA21d) en route to 1.5845 (high Feb.8).
“My expectation remains much the same for GBP/USD of over the medium term; price action to stay heavy and range bound. 1.5964/6072 should provide the ceiling and the supports remain at 1.5600 and 1.5300. I’d still be more inclined to sell rallies than buy dips for now”, recommends W.Moore, analyst at RBS.
At the moment, GBP/USD is losing 0.90% at 1.5658 facing the next support at 1.5646 (low Feb.7) ahead of 1.5628 (low Feb.5) and finally 1.5584 (Lower Bollinger).
On the upside, a breakout of 1.5740 (MA10d) would expose 1.5819 (MA21d) en route to 1.5845 (high Feb.8).