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16 May 2014
GBP/USD battling back
FXStreet (Guatemala) - GBP/USD is trading at 1.6830, up 0.25% on the day, having posted a daily high at 1.6843 and low at 1.6784.
Despite a keen move higher in GBP/USD towards the closing hours of the week on the last trading session, Karen Jones, chief analyst at Commerzbank explained of late that, last week, GBP/USD was rejected by the 1.7000 mark and she still believes that a major top is in the process of being formed. “The 1.6763 April 23 low has been reached and nearly also the uptrend channel support line and 55 day moving average at 1.6723. This support area is likely to hold today. If not, the 1.6683/72 late March high and the mid-April low will be in focus. Minor resistance comes in between the 1.6819 April 10 high and the 1.6833 May 9 low and further up around the 1.6919 May 1 high”.
GBP/USD Levels
With spot trading at 1.6831, we can see next resistance ahead at 1.6843 (Daily High), 1.6853 (Daily Classic R2), 1.6868 (Weekly High), 1.6875 (Hourly 200 SMA) and 1.6893 (Weekly Classic PP). Support below can be found at 1.6828 (Daily 20 SMA), 1.6822 (Daily Classic R1), 1.6816 (Hourly 100 SMA), 1.6808 (Yesterday's High) and 1.6800 (Hourly 20 EMA).
Despite a keen move higher in GBP/USD towards the closing hours of the week on the last trading session, Karen Jones, chief analyst at Commerzbank explained of late that, last week, GBP/USD was rejected by the 1.7000 mark and she still believes that a major top is in the process of being formed. “The 1.6763 April 23 low has been reached and nearly also the uptrend channel support line and 55 day moving average at 1.6723. This support area is likely to hold today. If not, the 1.6683/72 late March high and the mid-April low will be in focus. Minor resistance comes in between the 1.6819 April 10 high and the 1.6833 May 9 low and further up around the 1.6919 May 1 high”.
GBP/USD Levels
With spot trading at 1.6831, we can see next resistance ahead at 1.6843 (Daily High), 1.6853 (Daily Classic R2), 1.6868 (Weekly High), 1.6875 (Hourly 200 SMA) and 1.6893 (Weekly Classic PP). Support below can be found at 1.6828 (Daily 20 SMA), 1.6822 (Daily Classic R1), 1.6816 (Hourly 100 SMA), 1.6808 (Yesterday's High) and 1.6800 (Hourly 20 EMA).