21 Aug 2013
GBP/USD erases daily gains; cracking down below 1.5660 zone
FXstreet.com (Chicago) - GBP/USD reached 1.5717 8-week highs to hit ceiling and retrace below 1.560 zone at the closing of the American trading session. The greenback strengthened as indicated by the USD index above 81.4000 momentarily, to eventually suffer a small retracement to 81.31 zone.
Erased gains
The pound accumulates 0.06% losses dropping 0.11% within the last hour and erasing earlier gains at the closing of the American trading session. The FOMC minutes triggered bullish reactions among market participants towards the greenback, sparking the dollar higher.
Technical Levels
Technically speaking, the pair trades at 1.5656 between supports at 1.5646 (August 16th highs), 1.5627 (August 20th lows) ahead of 1.5600 (August 19th lows) and resistances at 1.5681 (August 20th highs), 1.5700 (double tops, August 21st) followed by 1.5717 (intraday highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis, offered below the EMA20.
Erased gains
The pound accumulates 0.06% losses dropping 0.11% within the last hour and erasing earlier gains at the closing of the American trading session. The FOMC minutes triggered bullish reactions among market participants towards the greenback, sparking the dollar higher.
Technical Levels
Technically speaking, the pair trades at 1.5656 between supports at 1.5646 (August 16th highs), 1.5627 (August 20th lows) ahead of 1.5600 (August 19th lows) and resistances at 1.5681 (August 20th highs), 1.5700 (double tops, August 21st) followed by 1.5717 (intraday highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis, offered below the EMA20.