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18 Apr 2013
Forex: GBP/USD clinging to 1.5300
FXstreet.com (Barcelona) - The sterling is pushing higher on Thursday, threatening to surpass session highs around 1.5310 so far, as risk appetite is back to the markets after yesterday’s sell-off.
E.Theoret, Analyst at Scotiabank, argued that the outlook remains bullish “but fading as there are early signs of a turn. A close below the 50‐day MA at 1.5228 would be bearish and have us favouring short positions”.
At the moment, the cross is up 0.39% at 1.5298 with the next resistance at 1.5370 (high Apr.17) followed by 1.5386 (high Apr.15) and then 1.5409 (high Apr.12).
On the downside, a breach of 1.5217 (low Apr.17) would then target 1.5199 (low Apr.5) and finally 1.5034 (low Apr.4).
E.Theoret, Analyst at Scotiabank, argued that the outlook remains bullish “but fading as there are early signs of a turn. A close below the 50‐day MA at 1.5228 would be bearish and have us favouring short positions”.
At the moment, the cross is up 0.39% at 1.5298 with the next resistance at 1.5370 (high Apr.17) followed by 1.5386 (high Apr.15) and then 1.5409 (high Apr.12).
On the downside, a breach of 1.5217 (low Apr.17) would then target 1.5199 (low Apr.5) and finally 1.5034 (low Apr.4).