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16 Sep 2013
GBP/USD holds on to 1.59; are bulls on shape to resist?
FXstreet.com (Chicago) - GBP/USD soared to 1.59 zone at the opening of the Asian session. Printing 9-month highs, the pair has managed to handle bearish pressure despite failing to break through 1.60 zone earlier today.
Equities, Summers
Earlier in Europe, the FTSE 100 closed with 0.59% gains while in the US Summers shocker triggered impulsive reactions as other candidates seem more dovish and less maverick.
GBP/USD Technical Levels
Price action reveals the wipe out of earlier gains as the pair failed to reach the 1.60 zone to settle for 1.5965, session highs. Accumulating 0.21% daily gains, the pound sustains 9-month altitudes for a remarkable performance this month up 1.88% against the greenback. After an impulsive reaction to Summers withdrawal from Chairman’s replacement at the Fed, price movement evidences corrective price flow. Offered at 1.5908, the pair oscillates between supports aligned at 1.5878 (January 24th highs), 1.5843 (February 1st highs) ahead of 1.5810 (September 9th highs) and resistances at 1.5961 (November 26th 2012 lows), 1.60 (key psychological) followed by 1.6056 (December 26th 2012 lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis.
Equities, Summers
Earlier in Europe, the FTSE 100 closed with 0.59% gains while in the US Summers shocker triggered impulsive reactions as other candidates seem more dovish and less maverick.
GBP/USD Technical Levels
Price action reveals the wipe out of earlier gains as the pair failed to reach the 1.60 zone to settle for 1.5965, session highs. Accumulating 0.21% daily gains, the pound sustains 9-month altitudes for a remarkable performance this month up 1.88% against the greenback. After an impulsive reaction to Summers withdrawal from Chairman’s replacement at the Fed, price movement evidences corrective price flow. Offered at 1.5908, the pair oscillates between supports aligned at 1.5878 (January 24th highs), 1.5843 (February 1st highs) ahead of 1.5810 (September 9th highs) and resistances at 1.5961 (November 26th 2012 lows), 1.60 (key psychological) followed by 1.6056 (December 26th 2012 lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis.