Forex: GBP/USD, 20-pip range in Asia
Forex pairs in this Article »
GBP/USD
FXstreet.com (California) - The Cable reached highs in the 1.6440 zone during Tuesday's session, but was rejected from these highs on the back of negative economic data in the UK, with both, CPI and housing prices below market expectations.
The Cable is showing flashes of strength in Asia, but barely, as UK consumer confidence improves in May, up to 55 from a revised 44 the previous month.
Technically, "hourly chart, shows indicators mostly flat around their midlines while pair trades below 20 SMA. Bigger time frames show the candles with long upper shadows above 1.6400, suggesting the selling interest once there is still strong," comments Valeria Bednarik, Chief Analyst at FXstreet.com.
GBP/USD opened the Asian trade at 1.6368 and is ranging between 1.6381 and 1.6364, quoted now at 1.6365 zone.
To the upside, Valeria recognizes resistance at 1.6400, 1.6440 and 1.6485, while, to the downside, support levels lie at 1.6340 (20 day EMA), 1.6300 and below there,1.6260.
The Cable is showing flashes of strength in Asia, but barely, as UK consumer confidence improves in May, up to 55 from a revised 44 the previous month.
Technically, "hourly chart, shows indicators mostly flat around their midlines while pair trades below 20 SMA. Bigger time frames show the candles with long upper shadows above 1.6400, suggesting the selling interest once there is still strong," comments Valeria Bednarik, Chief Analyst at FXstreet.com.
GBP/USD opened the Asian trade at 1.6368 and is ranging between 1.6381 and 1.6364, quoted now at 1.6365 zone.
To the upside, Valeria recognizes resistance at 1.6400, 1.6440 and 1.6485, while, to the downside, support levels lie at 1.6340 (20 day EMA), 1.6300 and below there,1.6260.
Free Annual Reports
