Forex: GBP/USD jumps to 1.6067
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - After trading as low as 1.6019 (intraday minimum) earlier today, the GBPUSD has pared its losses and just jumped 40 pips in recent moments, setting new intraday maximums in the region of 1.6067. Ahead of myriad indicators slated for later during European trading, the exchange rate has recorded a steadfast gain of +0.14%.
According to the ICN.com Analyst Team, "The GBPUSD has been trading very narrowly after touching its SMA 50 as seen on the provided daily chart. Stochastic needs a relief but the allover bearish harmonic effect should continue below 38.2% of the CD leg as we discussed several times earlier - a break below 1.5960 will confirm and accelerate the bearishness."
Having breached calculated resistance at 1.6025, ICN.com analysts point to additional measures at 1.6075 and 1.6100. On the decent, a retracement or prolonged downtrend will signal the supportive structures of 1.5960, then 1.5925, and finally 1.5880.
According to the ICN.com Analyst Team, "The GBPUSD has been trading very narrowly after touching its SMA 50 as seen on the provided daily chart. Stochastic needs a relief but the allover bearish harmonic effect should continue below 38.2% of the CD leg as we discussed several times earlier - a break below 1.5960 will confirm and accelerate the bearishness."
Having breached calculated resistance at 1.6025, ICN.com analysts point to additional measures at 1.6075 and 1.6100. On the decent, a retracement or prolonged downtrend will signal the supportive structures of 1.5960, then 1.5925, and finally 1.5880.
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