1 Jul 2013
GBP/USD back to opening levels
FXstreet.com (Córdoba) - The GBP/USD surrendered most of its gains during the American session to trade nearly flat on the day.
GBP/USD rose to the 1.5250 zone, underpinned by better-than-expected UK PMI data, but found sellers and pulled back, having recently retreated to the 1.5210 zone. At time of writing, GBP/USD is trading at the 1.5215 zone, still a few pips above its opening price.
GBP/USD remains under pressure
From a technical perspective, "Cable remains under pressure, as the price posted fresh low at 1.5164 and corrective bounce stays under the first significant barrier at 1.5280 last Friday's high / Fib 38.2% of 1.5476/1.5164 descend, with price being for now limited by 55 day EMA at 1.5250", said the Windsor Brokers Analysis Team. "Negative short-term studies see the recovery action limited, while the price stays below 1.5280/1.5300, with downside risk towards 1.5000 base being in play."
GBP/USD rose to the 1.5250 zone, underpinned by better-than-expected UK PMI data, but found sellers and pulled back, having recently retreated to the 1.5210 zone. At time of writing, GBP/USD is trading at the 1.5215 zone, still a few pips above its opening price.
GBP/USD remains under pressure
From a technical perspective, "Cable remains under pressure, as the price posted fresh low at 1.5164 and corrective bounce stays under the first significant barrier at 1.5280 last Friday's high / Fib 38.2% of 1.5476/1.5164 descend, with price being for now limited by 55 day EMA at 1.5250", said the Windsor Brokers Analysis Team. "Negative short-term studies see the recovery action limited, while the price stays below 1.5280/1.5300, with downside risk towards 1.5000 base being in play."