Forex: GBP/USD inching higher, around 1.6030
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GBP/USD
FXstreet.com (Barcelona) - The sterling slowly advancing on Thursday, hovering over 1.6030 as of writing, on generalized better risk-on tone in the markets.
William Moore, Technical Markets Strategist at RBS, suggested "A significant day yesterday for GBPUSD as the trend line of support that had been propping up price action since Jun '12 was broken through the 1.6041 level. This implies two things; the first that this morphs into a good fade level if the market manages to rally back there today and the second is that the bias turns heavy down to the potential supports/targets at 1.5829 & 1.5606".
GBPUSD is now advancing 0.11% at 1.6024
Next resistance levels line up at 1.6070 (MA10d) ahead of 1.6126 (MA21d) and finally 1.6156 (high Jan.14).
On the other hand, a violation of 1.5971 (Lower Bollinger) would expose 1.5962 (low Nov.28) and then 1.5920 (low Nov.22).
William Moore, Technical Markets Strategist at RBS, suggested "A significant day yesterday for GBPUSD as the trend line of support that had been propping up price action since Jun '12 was broken through the 1.6041 level. This implies two things; the first that this morphs into a good fade level if the market manages to rally back there today and the second is that the bias turns heavy down to the potential supports/targets at 1.5829 & 1.5606".
GBPUSD is now advancing 0.11% at 1.6024
Next resistance levels line up at 1.6070 (MA10d) ahead of 1.6126 (MA21d) and finally 1.6156 (high Jan.14).
On the other hand, a violation of 1.5971 (Lower Bollinger) would expose 1.5962 (low Nov.28) and then 1.5920 (low Nov.22).
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