Forex: GBP/USD holds above 1.5800 ahead of a busy day for the pair
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GBP/USD
FXstreet.com (Barcelona) - The Cable is holding virtually from the start of the week above the 50% Fibo retrace key level of daily leg up 1.5270/1.6383 at 1.5820, but unable to move higher than 1.5890, last at 1.5827. The pair faces an important day ahead for the Pound with UK unemployment data and the minutes of latest BoE meeting, both at 09:30 GMT.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the pair holds "a bearish short term tone, as the hourly chart shows indicators heading south below their midlines and price below a flat 20 SMA. The double roof around 1.6300 clear in daily basis, continues to be a big challenge for buyers: watch now for 1.5810 to give up to confirm a deeper slide short and midterm," the analyst concludes.
Valeria finds support levels at: 1.5820, 1.5770 and 1.5730, while resistance levels at: 1.5850, 1.5885 and 1.5915.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the pair holds "a bearish short term tone, as the hourly chart shows indicators heading south below their midlines and price below a flat 20 SMA. The double roof around 1.6300 clear in daily basis, continues to be a big challenge for buyers: watch now for 1.5810 to give up to confirm a deeper slide short and midterm," the analyst concludes.
Valeria finds support levels at: 1.5820, 1.5770 and 1.5730, while resistance levels at: 1.5850, 1.5885 and 1.5915.
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