Forex: GBP/USD settles near weekly highs
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GBP/USD
FXstreet.com (Córdoba) - As other major crosses, the Cable has seesawed on Thursday as investors continue to follow the risk-on/risk-off move amid contradictory headlines about fiscal cliff talks' progress. While Democrats affirm a deal will be reached by Christmas, Republicans say no real progress has been made.
Even though GBPUSD managed to rise throughout the day, it saw choppy moves during the American session, oscillating between 1.6010 and 1.6045. At time of writing, GBPUSD is trading at the 1.6035 zone, 0.1% above its opening price.
From a technical view, Slobodan Drvenica, analyst at Windsor Brokers Ltd argues that lack of momentum on near-term studies warn of possible further hesitation at 1.6050, as 20 day upper Bollinger caps the upside for now. "Immediate supports lie at 1.6010/00, 20 day EMA / round figure, while more downside risk would be seen on loss of today's low at 1.5960, also Fib 38.2% of 1.5826/1.6055 rally that also marks near-term range floor", says the analyst. "Break above 1.6050 barrier to open 1.6067, 50% of 1.6308/1.5826 descend, ahead of 1.6100, psychological barrier".
Even though GBPUSD managed to rise throughout the day, it saw choppy moves during the American session, oscillating between 1.6010 and 1.6045. At time of writing, GBPUSD is trading at the 1.6035 zone, 0.1% above its opening price.
From a technical view, Slobodan Drvenica, analyst at Windsor Brokers Ltd argues that lack of momentum on near-term studies warn of possible further hesitation at 1.6050, as 20 day upper Bollinger caps the upside for now. "Immediate supports lie at 1.6010/00, 20 day EMA / round figure, while more downside risk would be seen on loss of today's low at 1.5960, also Fib 38.2% of 1.5826/1.6055 rally that also marks near-term range floor", says the analyst. "Break above 1.6050 barrier to open 1.6067, 50% of 1.6308/1.5826 descend, ahead of 1.6100, psychological barrier".
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