24 Oct 2013
GBP/USD retraces daily gains
FXstreet.com (Córdoba) - The GBP/USD found resistance at the 1.6225 area during the European session and resumed its consolidative phase ahead of UK GDP figures tomorrow.
Following hours of stagnation, GBP/USD spiked to a high of 1.6222, roughly the same high scored Oct 18, but failed to sustain momentum despite USD weakness as EUR/GBP gains put the pair under mild pressure. The GBP/USD has erased intraday gains and it is currently trading at the 1.6175 zone, virtually unchanged since opening.
GBP/USD technical outlook
From a technical perspective, Stoyan Mihaylov, analyst at DeltaStock.com notes that yesterday's failure to break 1.6100 provoked a rise to 1.6222 and "although there is no clear impulsive structure on the intraday frames, my outlook remains positive, for a break through 1.6260, en route to 1.6380".
Following hours of stagnation, GBP/USD spiked to a high of 1.6222, roughly the same high scored Oct 18, but failed to sustain momentum despite USD weakness as EUR/GBP gains put the pair under mild pressure. The GBP/USD has erased intraday gains and it is currently trading at the 1.6175 zone, virtually unchanged since opening.
GBP/USD technical outlook
From a technical perspective, Stoyan Mihaylov, analyst at DeltaStock.com notes that yesterday's failure to break 1.6100 provoked a rise to 1.6222 and "although there is no clear impulsive structure on the intraday frames, my outlook remains positive, for a break through 1.6260, en route to 1.6380".