Forex: GBP/USD surrenders gains and returns to 1.5848/50
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - The GBPUSD has plummeted over 30 pips in recent hours off of its session high (1.5981) during European trading. Following the return towards opening levels, the cross has settled in the area of 1.5848/50, tepidly clinging to negative territory, down -0.02%.
"The GBPUSD's consolidation from the 1.5820 boundaries is still in progress as the pair succeeded in flirting with the weekly suggested entry point around 1.5960 as seen on the daily chart. We hold onto our bearish scenario based on the stability being below the falling trend line, which connects the movements from the short-term peak at 1.6310 as well as the SMA 20 proving to be a solid resistance." Suggests the technical analyst team at ICN.com.
Following the pair's retreat to opening levels, ICN.com analysts have calculated the GBPUSDs next supports at 1.5925, followed by 1.5880, and eventually 1.5850. On the other side, in the event of a retracement, the pair is slated to face resistances at 1.5975, 1.6000 (key barrier) and 1.6025.
In the United Kingdom, the CBI Industrial Trends Survey - Orders (MoM) yielded a result of -21.0 in the month of November, against a consensus projection of -19.0, and down from -23.0 previously. No economic data or indicators are expected out of the United States today given the Thanksgiving Day Holiday.
"The GBPUSD's consolidation from the 1.5820 boundaries is still in progress as the pair succeeded in flirting with the weekly suggested entry point around 1.5960 as seen on the daily chart. We hold onto our bearish scenario based on the stability being below the falling trend line, which connects the movements from the short-term peak at 1.6310 as well as the SMA 20 proving to be a solid resistance." Suggests the technical analyst team at ICN.com.
Following the pair's retreat to opening levels, ICN.com analysts have calculated the GBPUSDs next supports at 1.5925, followed by 1.5880, and eventually 1.5850. On the other side, in the event of a retracement, the pair is slated to face resistances at 1.5975, 1.6000 (key barrier) and 1.6025.
In the United Kingdom, the CBI Industrial Trends Survey - Orders (MoM) yielded a result of -21.0 in the month of November, against a consensus projection of -19.0, and down from -23.0 previously. No economic data or indicators are expected out of the United States today given the Thanksgiving Day Holiday.
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