6 Jun 2013
GBP/USD rally slows ahead of 1.5700
FXstreet.com (Córdoba) - Having climbed over 200 pips in the blink of an eye, GBP/USD reached its highest level 4 months amid a sudden USD selloff.
However, GBP/USD impressive rally is losing momentum as indicators reach extremely overbought levels, after hitting a peak of 1.5681. At time of writing, GBP/USD is trading at the 1.5635 area, recording a 1.5% gain on the day.
Immediate resistance is now seen at the 1.5700/02 area, where the 200-day SMA reinforces the psychological hurdle. On the downside, the 23.6% retracement of today's run at 1.5610 may offer immediate support.
However, GBP/USD impressive rally is losing momentum as indicators reach extremely overbought levels, after hitting a peak of 1.5681. At time of writing, GBP/USD is trading at the 1.5635 area, recording a 1.5% gain on the day.
Immediate resistance is now seen at the 1.5700/02 area, where the 200-day SMA reinforces the psychological hurdle. On the downside, the 23.6% retracement of today's run at 1.5610 may offer immediate support.