28 Apr 2014
GBP/USD sells off 1.68, day range maintained
FXStreet (Bali) - GBP/USD lost the 1.68 mark on Monday Asian trade, posting a session low of 1.6777, with cross related supply mostly to blame.
GBP/USD continues to trade in a day range between 1.6835 and 1.6765, first established on April 17th, and unlikely to see a resolution ahead of Wed's FOMC.
According to Peter Fell, Analyst at FXBeat: "The flows are said to be cross related. GBPJPY and GBPAUD, with the latter forming a double top at the 1.8157 (38.2 fibo level), support seen around 1.8045 50% fibo, on the 1.7933/1.8157 rise and 1.8018 is 61.8% fibo on the same move."
GBP/USD continues to trade in a day range between 1.6835 and 1.6765, first established on April 17th, and unlikely to see a resolution ahead of Wed's FOMC.
According to Peter Fell, Analyst at FXBeat: "The flows are said to be cross related. GBPJPY and GBPAUD, with the latter forming a double top at the 1.8157 (38.2 fibo level), support seen around 1.8045 50% fibo, on the 1.7933/1.8157 rise and 1.8018 is 61.8% fibo on the same move."