8 Aug 2013
GBP/USD hanging on despite cracks
FXstreet.com (Chicago) - GBP/USD had gained 0.37% against the greenback throughout Thursday’s journey but price indicated a steady retracement from 7-week highs within the past couple of hours.
The pound started skyrocketing rally earlier this week to accumulate 1.67% against the dollar since Monday. On weaker-than-expected US job market data, the pair was driven to 7-week highs by market participants. In the UK, the FTSE100 had closed up 0.28% while in Wall Street stocks rebound after 3-day drop led by the tech industry.
Technically speaking, the FXstreet trend index reported the pair as strongly bullish on one-hour timeframe analysis as the price navigated above short and long term moving averages along a MACD pointing up. At 1.5540, the pair traded between supports at 1.5515 (June 20th highs), 1.5488 (April 24th highs) ahead of 1.5431 (July 22nd highs) and resistances at 1.5567 (April 30th highs), 1.5594 (May 8th highs) followed by 1.5629 (June 12th lows).
The pound started skyrocketing rally earlier this week to accumulate 1.67% against the dollar since Monday. On weaker-than-expected US job market data, the pair was driven to 7-week highs by market participants. In the UK, the FTSE100 had closed up 0.28% while in Wall Street stocks rebound after 3-day drop led by the tech industry.
Technically speaking, the FXstreet trend index reported the pair as strongly bullish on one-hour timeframe analysis as the price navigated above short and long term moving averages along a MACD pointing up. At 1.5540, the pair traded between supports at 1.5515 (June 20th highs), 1.5488 (April 24th highs) ahead of 1.5431 (July 22nd highs) and resistances at 1.5567 (April 30th highs), 1.5594 (May 8th highs) followed by 1.5629 (June 12th lows).