18 Nov 2013
GBP/USD fails to sustain gains
FXstreet.com (Córdoba) - After hitting a 3-week high of 1.6147, the GBP/USD found resistance and erased intraday gains during the European session, falling all the way back to daily lows.
GBP/USD holds above 1.6100
The GBP/USD however, has managed to hold above the 1.6100 mark so far, bouncing slightly from a daily low of 1.6102. At time of writing, the GBP/USD is trading at the 1.6105, 0.1% below its opening price, with no much data in the docket for the rest of the day. "A price acceleration below 1.6090 should lead to a bearish continuation towards 1.6030/40 area, followed later by 1.6000", said Valeria Bednarik, chief analyst at FXstreet.com.
GBP/USD levels to watch
If the Cable breaks below 1.6100, it could accelerate toward 1.6069 (20-day SMA) and 1.6047 (Nov 15 low). On the other hand, immediate resistances are seen at 1.6147 (daily high) and 1.6200 (psychological level).
GBP/USD holds above 1.6100
The GBP/USD however, has managed to hold above the 1.6100 mark so far, bouncing slightly from a daily low of 1.6102. At time of writing, the GBP/USD is trading at the 1.6105, 0.1% below its opening price, with no much data in the docket for the rest of the day. "A price acceleration below 1.6090 should lead to a bearish continuation towards 1.6030/40 area, followed later by 1.6000", said Valeria Bednarik, chief analyst at FXstreet.com.
GBP/USD levels to watch
If the Cable breaks below 1.6100, it could accelerate toward 1.6069 (20-day SMA) and 1.6047 (Nov 15 low). On the other hand, immediate resistances are seen at 1.6147 (daily high) and 1.6200 (psychological level).