Forex: GBP/USD unable to overcome 1.5900
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GBP/USD
FXstreet.com (Córdoba) - The British pound managed to rise versus the greenback on Monday supported by better-than-expected UK data, but failed to overcome the 1.5900 level and entered into a consolidative phase that has extended since mid-European session.
GBPUSD peaked at 1.5897 and with the subsequent dip being contained by the 1.5870 area (10-hour SMA) the pair is currently quoting at the 1.5890 area, recording a 0.1% rise on the day.
"With the current configuration, more focus is seen towards the upside, with break above 1.5900/11 and daily close above, required to confirm resumption of one-month uptrend", says Slobodan Drvenica, analyst at Windsor Brokers Ltd . "Otherwise, further consolidation would be likely, with important supports at 1.5806, trendline and 1.5750 breakpoint, expected to protect the downside and prevent formation of double-top pattern".
However, with US markets closed due to the Labor Day holiday, trading is expected to remain subdued until the Asian opening.
GBPUSD peaked at 1.5897 and with the subsequent dip being contained by the 1.5870 area (10-hour SMA) the pair is currently quoting at the 1.5890 area, recording a 0.1% rise on the day.
"With the current configuration, more focus is seen towards the upside, with break above 1.5900/11 and daily close above, required to confirm resumption of one-month uptrend", says Slobodan Drvenica, analyst at Windsor Brokers Ltd . "Otherwise, further consolidation would be likely, with important supports at 1.5806, trendline and 1.5750 breakpoint, expected to protect the downside and prevent formation of double-top pattern".
However, with US markets closed due to the Labor Day holiday, trading is expected to remain subdued until the Asian opening.
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