5 Sep 2013
GBP/USD, giving in on bearish pressure; is 1.56 sustainable?
FXstreet.com (Chicago) - GBP/USD extends bearish momentum to continue retracing from yesterday’s 1.5646 session highs. The most recent Syrian conflict updates continue strengthening the dollar ahead of the BoE asset purchase facility data, UK housing data and US labor results later in the day.
Price action reveals the continuation of a downward trendline with lower lows as time the Asian trading journey advances. At 1.5610, the pair navigates close to support at 1.5607 (August 27th highs) followed by 1.5577 (August 8th highs) and 1.5538 (August 24th lows). On the upside, resistances are aligned at 1.5659 (August 15th highs), 1.5694 (August 20th highs) followed by 1.5739 (June 17th highs). According to the FXstreet.com trend index the pair is slightly bearish on one-hour timeframe analysis and remains trading above the EMA20.
Earlier in the US, market sentiment was positive post Beige book results and ahead of the BoE interest rate decision.
Price action reveals the continuation of a downward trendline with lower lows as time the Asian trading journey advances. At 1.5610, the pair navigates close to support at 1.5607 (August 27th highs) followed by 1.5577 (August 8th highs) and 1.5538 (August 24th lows). On the upside, resistances are aligned at 1.5659 (August 15th highs), 1.5694 (August 20th highs) followed by 1.5739 (June 17th highs). According to the FXstreet.com trend index the pair is slightly bearish on one-hour timeframe analysis and remains trading above the EMA20.
Earlier in the US, market sentiment was positive post Beige book results and ahead of the BoE interest rate decision.