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17 May 2013
GBP/USD extends the downside
FXstreet.com (Barcelona) - The sterling is now eroding the previous attempt to the boundaries of 1.5260, easing to the region of 1.5230/35 as the USD strength keeps weighting on the cross.
In addition, and always framed within the broader dollar rally, “The $1.2845 area is providing support for the euro in recent days, likewise $1.5200 for sterling and 102.75 for the yen. If those levels hold into the European close, then we may see the dollar get hit with some profit taking in the North American afternoon ahead of the weekend”, suggested the BBH Global Currency Strategy Team.
The cross is now retreating 0.23% at 1.5231 with the next support at 1.5197 (low May 16) ahead of 1.5173 (low May 15) and finally 1.5128 (61.8% of 1.4832-1.5607).
On the upside, a surpass of 1.5282 (high May 17) would then target 1.5323 (high May 16) and then 1.5331 (high May 14).
In addition, and always framed within the broader dollar rally, “The $1.2845 area is providing support for the euro in recent days, likewise $1.5200 for sterling and 102.75 for the yen. If those levels hold into the European close, then we may see the dollar get hit with some profit taking in the North American afternoon ahead of the weekend”, suggested the BBH Global Currency Strategy Team.
The cross is now retreating 0.23% at 1.5231 with the next support at 1.5197 (low May 16) ahead of 1.5173 (low May 15) and finally 1.5128 (61.8% of 1.4832-1.5607).
On the upside, a surpass of 1.5282 (high May 17) would then target 1.5323 (high May 16) and then 1.5331 (high May 14).