8 Aug 2013
GBP/USD consolidating gains above 1.55
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last quoted at the 1.55 handle, a +1.44% higher for the week so far, following yesterday's BoE inflation report.
GBP/USD should see good offers
“I would be leaving Cable well alone for the next day or so, but from a technical point of view, last high is at the 76.4% Fibo resistance of 1.5750/1.4813 and should see good offers,” said FX Charts analyst Jim Langlands, adding “A break would head to the 200 DMA at 1.5540 and then to the long term descending trend line at 1.5550. Thus 1.5530/50 should be pretty strong and may offer a short term sell opportunity with a tight SL placed at around 1.5570.”
GBP/USD key technical levels
Immediate resistance to the upside for GBP/USD shows at yesterday's fresh 7-week highs 1.5532, followed by May 02 highs at 1.5606, while closest support to the downside lies at recent session lows 1.5484, followed by July 25 highs at 1.5437.
GBP/USD should see good offers
“I would be leaving Cable well alone for the next day or so, but from a technical point of view, last high is at the 76.4% Fibo resistance of 1.5750/1.4813 and should see good offers,” said FX Charts analyst Jim Langlands, adding “A break would head to the 200 DMA at 1.5540 and then to the long term descending trend line at 1.5550. Thus 1.5530/50 should be pretty strong and may offer a short term sell opportunity with a tight SL placed at around 1.5570.”
GBP/USD key technical levels
Immediate resistance to the upside for GBP/USD shows at yesterday's fresh 7-week highs 1.5532, followed by May 02 highs at 1.5606, while closest support to the downside lies at recent session lows 1.5484, followed by July 25 highs at 1.5437.