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19 Mar 2013
Forex: GBP/USD going nowhere around 1.5100
FXstreet.com (Barcelona) - Another flat session for Cable in the Asia-Pacific, and even for the week so far as it sits at 1.5105 last, barely unmoved from previous weekly close Friday around 1.5114. Given this immobility, Pound is stronger than Euro, Aussie and Yen so far for the week, and about even with USD, ahead of key risk events in the form of UK CPI and PPI at 09:30 GMT, and US Building permits at 12:30 GMT, which will very likely add volatility to the pair.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows price hovering around a flat 20 SMA while indicators turned horizontal at their midlines, which reflects the consolidate stage and gives no clues on next short term move,” the analyst notes, adding: “Roof of the triangle however, stands around 1.5120 immediate resistance area: a break higher, followed by a pullback and renewed buying interest, may signal the return on the buying interest, with scope then to test 1.5200,” she concludes.
Valeria locates support levels at: 1.5070, 1.5050 and 1.4980, while resistance levels at: 1.5120, 1.5160 and 1.5200.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows price hovering around a flat 20 SMA while indicators turned horizontal at their midlines, which reflects the consolidate stage and gives no clues on next short term move,” the analyst notes, adding: “Roof of the triangle however, stands around 1.5120 immediate resistance area: a break higher, followed by a pullback and renewed buying interest, may signal the return on the buying interest, with scope then to test 1.5200,” she concludes.
Valeria locates support levels at: 1.5070, 1.5050 and 1.4980, while resistance levels at: 1.5120, 1.5160 and 1.5200.