3 Jun 2013
GBP/USD capped below 1.5220
FXstreet.com (Barcelona) - The GBP/USD is last at 1.5216, off session highs at 1.5224, moving higher from the very beginning of the week, amid a very slow Asia-Pacific trade, making lows at 1.5187. “Cable has formed a double-bottom with a neckline at 1.5150,”noted FXWW founder Sean Lee, who thinks is “reasonably good risk-reward in being long with stop-loss below 1.5130,” the analyst said.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, GBP/USD hourly chart shows the “price stuck around a slightly bearish 20 SMA, and indicators heading higher still in negative territory,” the analyst says, adding: “The 1.5220 area, 50% retracement of its latest bullish run has held the upside, and unless price manages to accelerate strongly above it, there’s little room for more gains, as 4 hours chart shows 200 EMA offering resistance around 1.5260, and indicators also losing the upside potential.”
“Immediate support comes at 1.5165, where the 4 hours chart shows several intraday highs and lows for the past couple of weeks: once below, the pair may quickly fall towards 1.5130, next Fibonacci level,” Valeria expands. She finds support levels at: 1.5165, 1.5130 and 1.5090, while resistance levels at: 1.5220, 1.5260 and 1.5305.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, GBP/USD hourly chart shows the “price stuck around a slightly bearish 20 SMA, and indicators heading higher still in negative territory,” the analyst says, adding: “The 1.5220 area, 50% retracement of its latest bullish run has held the upside, and unless price manages to accelerate strongly above it, there’s little room for more gains, as 4 hours chart shows 200 EMA offering resistance around 1.5260, and indicators also losing the upside potential.”
“Immediate support comes at 1.5165, where the 4 hours chart shows several intraday highs and lows for the past couple of weeks: once below, the pair may quickly fall towards 1.5130, next Fibonacci level,” Valeria expands. She finds support levels at: 1.5165, 1.5130 and 1.5090, while resistance levels at: 1.5220, 1.5260 and 1.5305.