Forex: GBP/USD trading near session highs
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GBP/USD
FXstreet.com (Barcelona) - The GBPUSD has traded in positive territory Tuesday morning during European trading, as the beleaguered pair is attempting to manage some matter of recovery attempt. At the time of writing, the cross is trading near session highs in 1.5720/21, having notched an advance of +0.16%.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The GBPUSD maintains a negative near-term tone, having recorded a steady descent from the 02 January peak at 1.6380, ceding another support at 1.5700. Yesterday's close below the latter, suggests further easing towards next targets at 1.5634 and 1.5600, while a corrective bounce on oversold hourly conditions faces good resistance at 1.5745."
In terms of the technical levels, the GBPUSD will be stymied by calculated resistance at 1.5745, then 1.5784, and finally 1.5800 (key retracement barrier). Regarding a downward movement and an eventual thrust below the 1.5673 handle, supports lie below at 1.5660 and 1.5634, notes Drvenica.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The GBPUSD maintains a negative near-term tone, having recorded a steady descent from the 02 January peak at 1.6380, ceding another support at 1.5700. Yesterday's close below the latter, suggests further easing towards next targets at 1.5634 and 1.5600, while a corrective bounce on oversold hourly conditions faces good resistance at 1.5745."
In terms of the technical levels, the GBPUSD will be stymied by calculated resistance at 1.5745, then 1.5784, and finally 1.5800 (key retracement barrier). Regarding a downward movement and an eventual thrust below the 1.5673 handle, supports lie below at 1.5660 and 1.5634, notes Drvenica.
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