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4 Apr 2013
Forex: GBP/USD trading off highs at 1.5225/28
FXstreet.com (Barcelona) - A GBP/USD is trading slightly off session highs at 1.5240 during US trading, having experienced a tumultuous afternoon. The cross has already broken through resistance and is experiencing a +0.65% gain at 1.5225/28.
Briefing the technicals, the GBP/USD is slated to face calculated resistance at 1.5255. On the decline, a break below 1.5089 will trigger supportive measures at 1.5041 and 1.5006.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued, “Further consolidation remains on the cards. While capped by the 1.5269 June 2012 low, we will maintain an immediate bearish bias”. The expert added that a close below 1.5101 (20-day moving average) would trigger further downside to the 1.500 area en route to 1.4832.
Briefing the technicals, the GBP/USD is slated to face calculated resistance at 1.5255. On the decline, a break below 1.5089 will trigger supportive measures at 1.5041 and 1.5006.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued, “Further consolidation remains on the cards. While capped by the 1.5269 June 2012 low, we will maintain an immediate bearish bias”. The expert added that a close below 1.5101 (20-day moving average) would trigger further downside to the 1.500 area en route to 1.4832.