10 Jun 2013
GBP/USD treading water above 1.5500
FXstreet.com (Córdoba) - The GBP/USD is taking a breather on Monday after the sharp moves seen last week on the back off central banks and economic data releases.
GBP/USD started the week little changed and it was confined to a tight range around 1.5500. In a subdued session, the Cable briefly dipped to a low of 1.5494 before bouncing back to the 1.5535 area, where it is trading at time of writing, 0.2% above its opening price.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds a bullish tone as per indicators in 4-hour charts. A break above 1.5570 may take the pair to the 1.5630/40 area, says Bednarik. "Sustained gains above 1.5600 should keep doors open for an advance towards 1.5770 later this week".
"On the other hand, a downward acceleration driving price below 1.5490 should reverse the intraday bullish trend and see price falling towards 1.5420/40 price zone", the analyst adds.
GBP/USD started the week little changed and it was confined to a tight range around 1.5500. In a subdued session, the Cable briefly dipped to a low of 1.5494 before bouncing back to the 1.5535 area, where it is trading at time of writing, 0.2% above its opening price.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds a bullish tone as per indicators in 4-hour charts. A break above 1.5570 may take the pair to the 1.5630/40 area, says Bednarik. "Sustained gains above 1.5600 should keep doors open for an advance towards 1.5770 later this week".
"On the other hand, a downward acceleration driving price below 1.5490 should reverse the intraday bullish trend and see price falling towards 1.5420/40 price zone", the analyst adds.