23 Aug 2013
GBP/USD challenges daily lows
FXstreet.com (Córdoba) - The GBP/USD seems to have stabilized at the beginning of the New York session after the latest setback drove the pair from a high of 1.5636 to a low of 1.5540.
GBP/USD consolidates ahead of US data
After reaching a peak of 1.5536 in the wake of the UK GDP upward revision, GBP/USD faltered and dropped nearly 90 pips before finding support and settling in a range, although US new home sales data could provide fresh momentum to the pair. At time of writing, GBP/USD is trading around 1.5545, 0.2% below its opening price.
GBP/USD holds the negative tone
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that in the 4 hours chart, the technical picture is still strongly bearish, supporting more slides for the hours ahead. The analyst locates next support levels at 1.5520, 1.5480 and 1.5440, while they place resistances at 1.5570, 1.5605 and 1.5640.
GBP/USD consolidates ahead of US data
After reaching a peak of 1.5536 in the wake of the UK GDP upward revision, GBP/USD faltered and dropped nearly 90 pips before finding support and settling in a range, although US new home sales data could provide fresh momentum to the pair. At time of writing, GBP/USD is trading around 1.5545, 0.2% below its opening price.
GBP/USD holds the negative tone
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that in the 4 hours chart, the technical picture is still strongly bearish, supporting more slides for the hours ahead. The analyst locates next support levels at 1.5520, 1.5480 and 1.5440, while they place resistances at 1.5570, 1.5605 and 1.5640.