24 Sep 2013
GBP/USD holds on to 1.6030, right on EMA20
FXstreet.com (Chicago) - GBP/USD hit 1.6030 lows after starting the session on a weaker pace against the greenback. Ahead of US consumer confidence results and housing market data in the UK, the pair sustains 9-month altitudes.
Price action reveals lower highs and lower lows with the extension of the downward trendline that started last Thursday post FOMC and Fed day. The pound remains trading around 9-month peaks with primary and secondary trends pointing up. After giving in 1.61 zone, the pair attempts consolidation above the 1.6030 zone. Offered at 1.6034, the pair navigates between supports aligned at 1.5976 (September 17th highs), 1.5936 (September 17th highs) ahead of 1.5878 (September 13th highs) and resistances set at 1.6066 (September 20th highs), 1.6116 (January 4th highs) followed by 1.6163 (January 15th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.
Price action reveals lower highs and lower lows with the extension of the downward trendline that started last Thursday post FOMC and Fed day. The pound remains trading around 9-month peaks with primary and secondary trends pointing up. After giving in 1.61 zone, the pair attempts consolidation above the 1.6030 zone. Offered at 1.6034, the pair navigates between supports aligned at 1.5976 (September 17th highs), 1.5936 (September 17th highs) ahead of 1.5878 (September 13th highs) and resistances set at 1.6066 (September 20th highs), 1.6116 (January 4th highs) followed by 1.6163 (January 15th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.