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4 Jun 2013
GBP/USD treading water around 1.5300
FXstreet.com (Barcelona) - The sterling is clinging to the key mark at 1.5300 on Tuesday, as the US session is drawing to a close.
After a choppy session, the pound eased from the vicinity of 1.5340 to sub 1.5280 levels in the European afternoon, just to stabilize later in the current 1.5300 handle. In the opinion of Camilla Sutton, Strategist at Scotiabank, “studies are pointing in different direction, but the risk is that GBP faces near-term upside pressure before retracing lower. Support lies at 1.5200 on the back of congestion, psychology and it is a minor Fibo level; resistance lies at the 100-day MA at 1.5352 followed by a minor Fibo level of 1.5424”.
At the moment, the pair is losing 0.15% at 1.5296 with the next support at 1.5240 (MA21d) followed by 1.5193 (low Jun.3) and finally 1.5161 (MA10d). On the flip side, a break above 1.5376 (high Jun.3) would target 1.5378 (61.8% of 1.5607-1.5008) en route to 1.5385 (high May 13).
After a choppy session, the pound eased from the vicinity of 1.5340 to sub 1.5280 levels in the European afternoon, just to stabilize later in the current 1.5300 handle. In the opinion of Camilla Sutton, Strategist at Scotiabank, “studies are pointing in different direction, but the risk is that GBP faces near-term upside pressure before retracing lower. Support lies at 1.5200 on the back of congestion, psychology and it is a minor Fibo level; resistance lies at the 100-day MA at 1.5352 followed by a minor Fibo level of 1.5424”.
At the moment, the pair is losing 0.15% at 1.5296 with the next support at 1.5240 (MA21d) followed by 1.5193 (low Jun.3) and finally 1.5161 (MA10d). On the flip side, a break above 1.5376 (high Jun.3) would target 1.5378 (61.8% of 1.5607-1.5008) en route to 1.5385 (high May 13).