11 Jul 2013
GBP/USD sailing higher past resistance
FXstreet.com (New York) - The GBP/USD foreign exchange rate was sailing higher Thursday, directionally pointing higher despite operating below its daily highs at 1.5196.
Technically speaking, the GBP/USD is entrenched in positive territory, up a steadfast +0.94% during US trading as it grapples the region of 1.5160 presently. Previous resistance at 1.5136 (20-day SMA) was broken earlier, with the next measures of correction lying ahead at 1.5188 (July 1 low) and 1.5241 (July 2 high).
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD moved sharply to the upside yesterday failing our negative expectations reaching around the previously broken ascending key support level. Ultimately, the pair failed to stabilize above the referred to support and prove positivity again; meanwhile suggesting negativity requires new confirmation. Therefore, we prefer to remain intraday neutral today and we will monitor the pair around 1.5185 to determine the next move.”
Technically speaking, the GBP/USD is entrenched in positive territory, up a steadfast +0.94% during US trading as it grapples the region of 1.5160 presently. Previous resistance at 1.5136 (20-day SMA) was broken earlier, with the next measures of correction lying ahead at 1.5188 (July 1 low) and 1.5241 (July 2 high).
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD moved sharply to the upside yesterday failing our negative expectations reaching around the previously broken ascending key support level. Ultimately, the pair failed to stabilize above the referred to support and prove positivity again; meanwhile suggesting negativity requires new confirmation. Therefore, we prefer to remain intraday neutral today and we will monitor the pair around 1.5185 to determine the next move.”