Back
11 Sep 2013
GBP/USD unable to retest highs, though still strong
FXstreet.com (Lisbon) - The GBP/USD technical pair has eased off of earlier highs at 1.5828 Wednesday, still clinging to robust advances during US trading.
GBP/USD strategic bias
According to Tim Riddell, Head of Global Markets Research at ANZ, “The GBP/USD bias had been that the pair was forming a tight trading range between effectively 1.50 and 1.58 and the slippage into September was likely to trigger a slide to redefine range support. However, rising channel support was not broken and the strength of the rebounds through 1.5600 (a pivot level now) continues. Potential is now building for a measured squeeze, through 1.5780, to the 1.6060-80 area.”
GBP/USD technical levels
The GBP/USD is now operating at 1.5775, and while it has been unable to reclaim its earlier highs, it still is residing in positive territory, up +0.27%. Technically speaking the GBP/USD looks to face resistance at 1.5779, onto 1.5815, notes the Mataf.net analyst team.
GBP/USD strategic bias
According to Tim Riddell, Head of Global Markets Research at ANZ, “The GBP/USD bias had been that the pair was forming a tight trading range between effectively 1.50 and 1.58 and the slippage into September was likely to trigger a slide to redefine range support. However, rising channel support was not broken and the strength of the rebounds through 1.5600 (a pivot level now) continues. Potential is now building for a measured squeeze, through 1.5780, to the 1.6060-80 area.”
GBP/USD technical levels
The GBP/USD is now operating at 1.5775, and while it has been unable to reclaim its earlier highs, it still is residing in positive territory, up +0.27%. Technically speaking the GBP/USD looks to face resistance at 1.5779, onto 1.5815, notes the Mataf.net analyst team.