Forex: GBP/USD above 1.5700; stalling the fall ahead of key Fibo
FXstreet.com (Barcelona) - Cable has found temporary support at the 61.8% Fibo retrace at 1.5685 of daily up leg 1.5261/1.6381 starting from late May 2012, printing a fresh 6-month low at 1.5673 in mid NY trade yesterday, last at session highs 1.5707. The pair is still down a -0.59% for the week so far, and -3.25% for the new year.
As FXWW founder Sean Lee notes: "Sentiment is weak and with no sign of any major buyers," the analyst says, letting Pound hit a fresh 13-month low against Euro, at EURGBP 0.8586. For the London session ahead the economic agenda GBP related is empty, for then right before NY session starts US S&P/CS Composite-20 HPI year on year data will be out at 15:00 GMT, followed by key risk event US Conference Board consumer confidence at 15:00 GMT.
Immediate resistance to the upside for Cable shows at yesterday's late Asian session lows 1.5714, followed by Friday's lows at 1.5743, and Thursday's lows at 1.5756. To the downside, closest support lies at yesterday's fresh 6-month lows/61.8% Fibo 1.5685/73, followed by June 26 2012 highs at 1.5651, and Aug 16 lows at 1.5632.
As FXWW founder Sean Lee notes: "Sentiment is weak and with no sign of any major buyers," the analyst says, letting Pound hit a fresh 13-month low against Euro, at EURGBP 0.8586. For the London session ahead the economic agenda GBP related is empty, for then right before NY session starts US S&P/CS Composite-20 HPI year on year data will be out at 15:00 GMT, followed by key risk event US Conference Board consumer confidence at 15:00 GMT.
Immediate resistance to the upside for Cable shows at yesterday's late Asian session lows 1.5714, followed by Friday's lows at 1.5743, and Thursday's lows at 1.5756. To the downside, closest support lies at yesterday's fresh 6-month lows/61.8% Fibo 1.5685/73, followed by June 26 2012 highs at 1.5651, and Aug 16 lows at 1.5632.
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