6 Nov 2013
GBP/USD tripping stops, targets 1.61
FXstreet.com (Barcelona) - GBP/USD keeps rising along the Asian session, building up on recent gains from 1.6040 Ny close all the way to currently expose the 1.61 handle, after stops went off above 1.6070, banking sources report.
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "The hourly chart shows price well above a bullish 20 SMA, while indicators head slightly higher, after a short lived downward correction, keeping the pressure to the upside."
"The 4 hours chart shows indicators also flat right above their midlines, while the 200 EMA offers also support around 1.6010. Further recoveries will depend on the ability of the pair to breach 1.6060/70 (done), eyeing then 1.6120/30 price zone."
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "The hourly chart shows price well above a bullish 20 SMA, while indicators head slightly higher, after a short lived downward correction, keeping the pressure to the upside."
"The 4 hours chart shows indicators also flat right above their midlines, while the 200 EMA offers also support around 1.6010. Further recoveries will depend on the ability of the pair to breach 1.6060/70 (done), eyeing then 1.6120/30 price zone."