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12 Dec 2014
GBP/USD facing resistance again below 1.5740 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Matias Salord, notes that the GBP/USD pair is testing 1.5735/40 levels since Asian session which is capping the upside for the pair since yesterday, adding that the area around 1.5570 another key resistance level where sellers might get activated if USD remains resilient.
Key Quotes
“The GBP/USD pair moved in a price range of less than 80 pips during the last 24 hours. Yesterday found support at 1.5650 and gained momentum, rising toward 1.5740, but 1.5735 again capped the upside. Since Asian hours is testing 1.5735/40: a break higher could gave momentum to the pound to rise toward weekly highs (1.5755) and then to test a descendent trend line (and the 200-SMA) that stands at 1.5770.“
“The area around 1.5770 is likely to offer strong resistance and sellers could appear particularly if greenback remains resilient across the board. But if GBP/USD makes a strong break, it would be ready to rise back above 1.5800 and even higher.”
“The pair lost momentum during the last hours as it retreated but the decline from 1.5740 was modest and so far it has been able to hold above 1.5700. The important short term support lies at 1.5660 - 1.5650; where an hourly uptrend line stands and also; below a decline toward 1.5620 is expected. A sharper move will need an increase in volatility.”
Key Quotes
“The GBP/USD pair moved in a price range of less than 80 pips during the last 24 hours. Yesterday found support at 1.5650 and gained momentum, rising toward 1.5740, but 1.5735 again capped the upside. Since Asian hours is testing 1.5735/40: a break higher could gave momentum to the pound to rise toward weekly highs (1.5755) and then to test a descendent trend line (and the 200-SMA) that stands at 1.5770.“
“The area around 1.5770 is likely to offer strong resistance and sellers could appear particularly if greenback remains resilient across the board. But if GBP/USD makes a strong break, it would be ready to rise back above 1.5800 and even higher.”
“The pair lost momentum during the last hours as it retreated but the decline from 1.5740 was modest and so far it has been able to hold above 1.5700. The important short term support lies at 1.5660 - 1.5650; where an hourly uptrend line stands and also; below a decline toward 1.5620 is expected. A sharper move will need an increase in volatility.”