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26 Apr 2013
Forex: GBP/USD in session lows, around 1.5425/30
FXstreet.com (Barcelona) - The pound is prolonging its correction lower on Friday, falling from session highs above 1.5470 overnight to the current intraday lows in the vicinity of 1.5430.
Strategists G.Yu and G.Berry at UBS confirm the bank’s bullish stance on the cross, adding at the same time “Having closed above 1.5424, the risk is for further upside in the near-term as the trending indicators are bullish. The next major resistance is at 1.5606. Support is at 1.5265”.
The cross is now losing 0.02% at 1.5230 and a breach of 1.5309 (MA10d) would expose 1.5284 (MA21d) and then 1.5265 (low Apr.25).
On the flip side, a break above 1.5480 (high Apr.25) would clear the way to 1.5544 (high Feb.14) and finally 1.5550 (high Feb.15).
Strategists G.Yu and G.Berry at UBS confirm the bank’s bullish stance on the cross, adding at the same time “Having closed above 1.5424, the risk is for further upside in the near-term as the trending indicators are bullish. The next major resistance is at 1.5606. Support is at 1.5265”.
The cross is now losing 0.02% at 1.5230 and a breach of 1.5309 (MA10d) would expose 1.5284 (MA21d) and then 1.5265 (low Apr.25).
On the flip side, a break above 1.5480 (high Apr.25) would clear the way to 1.5544 (high Feb.14) and finally 1.5550 (high Feb.15).