4 Sep 2013
GBP/USD rally stalls, eases off highs back to 1.5600 region
FXstreet.com (Lisbon) - The GBP/USD foreign exchange rate peaked at the 1.5633 level (intraday high) earlier today, as a prolonged rally could not be sustained Wednesday.
GBP/USD strategic bias
According to the Tim Riddell, Head of Global Markets Research at ANZ, “The recent GBP/USD rebounds should struggle in front of 1.5600-10 and only a close above 1.5650 would suggest that further downside retracements - within the overall trading range - could be avoided, at least in the interim.”
The GBP/USD is now trading at 1.5607, still up +0.32% above its opening during European trading, despite easing off earlier highs. Currently, the GBP/USD advance is able to sustain itself above the 1.5603 resistance, now eying the 1.5642 and 1.5683 levels, notes the Mataf.net analyst team.
GBP/USD strategic bias
According to the Tim Riddell, Head of Global Markets Research at ANZ, “The recent GBP/USD rebounds should struggle in front of 1.5600-10 and only a close above 1.5650 would suggest that further downside retracements - within the overall trading range - could be avoided, at least in the interim.”
The GBP/USD is now trading at 1.5607, still up +0.32% above its opening during European trading, despite easing off earlier highs. Currently, the GBP/USD advance is able to sustain itself above the 1.5603 resistance, now eying the 1.5642 and 1.5683 levels, notes the Mataf.net analyst team.