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23 Aug 2013
GBP/USD on rollercoaster ride
FXstreet.com (Chicago) - GBP/USD continues advancing against the greenback to reduce losses to 0.09% so far. The pair traded sideways yesterday to spike above 1.5638 earlier in Asia to plunge below 1.56 zone and quickly bounce off upon US housing market data release.
Poor performance
Price action indicates the pair has had a wild series of ups and downs as evidenced by the runaway gap after the release of weaker-than-expected housing data in the US.
GBP/USD Technical Levels
After finding grounds post 1.56 plunge, the pound strengthened and faces resistances at 1.5576 (August 9th highs), 1.5593 (August 15th highs) ahead of 1.56 (August 19th lows). On the downside, supports are set at 1.5562 (August 23rd lows), 1.5544 (August 14th highs) followed by 1.5518 (August 15th lows). According to the FXstreet.com trend index, the pair is reported as strongly bearish on one-hour timeframe analysis.
Poor performance
Price action indicates the pair has had a wild series of ups and downs as evidenced by the runaway gap after the release of weaker-than-expected housing data in the US.
GBP/USD Technical Levels
After finding grounds post 1.56 plunge, the pound strengthened and faces resistances at 1.5576 (August 9th highs), 1.5593 (August 15th highs) ahead of 1.56 (August 19th lows). On the downside, supports are set at 1.5562 (August 23rd lows), 1.5544 (August 14th highs) followed by 1.5518 (August 15th lows). According to the FXstreet.com trend index, the pair is reported as strongly bearish on one-hour timeframe analysis.