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26 Aug 2013
GBP/USD backs off 1.5590
FXstreet.com (Edinburgh) -After climbing to session highs around 1.5590, the GBP/USD has now eased some pips, trading around 1.5580/75.
GBP/USD capped around 1.5700/20
The recent bull run beyond 1.5700 the figure faltered around 1.5720, or 2-month highs, retreating soon afterwards to the current area below the key levels at 1.5600. The UK docket for the present week is barely interesting, although Carney’s speech before the UK Parliament on Wednesday would be in the limelight. Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “Another interim top is now likely to be in place. For this to be confirmed it will have to fall through the mid-August low at 1.5424. En route are the 200-day moving average at 1.5515 and the 1.5432 July high”.
GBP/USD levels to watch
At the moment the pair is up 0.07% at 1.5578 and a breakout of 1.5590 (MA10d) would open the door to 1.5638 (high Aug.23) and then 1.5650 (high Aug.22). On the flip side, the next support lines up at 1.5538 (low Aug.23) followed by 1.5516 (MA200d) and then 1.5504 (low Aug.15).
GBP/USD capped around 1.5700/20
The recent bull run beyond 1.5700 the figure faltered around 1.5720, or 2-month highs, retreating soon afterwards to the current area below the key levels at 1.5600. The UK docket for the present week is barely interesting, although Carney’s speech before the UK Parliament on Wednesday would be in the limelight. Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “Another interim top is now likely to be in place. For this to be confirmed it will have to fall through the mid-August low at 1.5424. En route are the 200-day moving average at 1.5515 and the 1.5432 July high”.
GBP/USD levels to watch
At the moment the pair is up 0.07% at 1.5578 and a breakout of 1.5590 (MA10d) would open the door to 1.5638 (high Aug.23) and then 1.5650 (high Aug.22). On the flip side, the next support lines up at 1.5538 (low Aug.23) followed by 1.5516 (MA200d) and then 1.5504 (low Aug.15).