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20 May 2013
GBP/USD testing highs around 1.5225/30
FXstreet.com (Barcelona) - The sterling is now pushing higher, putting session highs to the test in the area of 1.5225/30 as risk-on trade is sharpening.
“As the market fell through the anticipated support at 1.5196 the chances of this bear flag pattern realising its target sub 1.4835 increased dramatically… More overhead resistance forms too; 1.5420 looks set to be a very difficult barrier to rally through as does the important 1.5600 level where the market topped out twice in April and May this year”, suggested W.Moore, Strategist at RBS.
GBP/USD is now up 0.23% at 1.5227 with the next resistance at 1.5251 (MA55d) followed by 1.5282 (high May 17) and finally 1.5323 (high May 16).
On the flip side, a breach of 1.5158 (low May 17) would expose 1.5128 (61.8% of 1.4832-1.5607) and then 1.5034 (low Apr.4).
“As the market fell through the anticipated support at 1.5196 the chances of this bear flag pattern realising its target sub 1.4835 increased dramatically… More overhead resistance forms too; 1.5420 looks set to be a very difficult barrier to rally through as does the important 1.5600 level where the market topped out twice in April and May this year”, suggested W.Moore, Strategist at RBS.
GBP/USD is now up 0.23% at 1.5227 with the next resistance at 1.5251 (MA55d) followed by 1.5282 (high May 17) and finally 1.5323 (high May 16).
On the flip side, a breach of 1.5158 (low May 17) would expose 1.5128 (61.8% of 1.4832-1.5607) and then 1.5034 (low Apr.4).