25 Sep 2013
GBP/USD remains bid; can 1.6100 be breached?
FXstreet.com (London) - GBP/USD has been well bid on Wednesday, reaching a high of 1.6080 after a day of heavy supply yesterday.
GBP/USD fell from 1.6040 to score well through stops at 1.5970 marking a low of 1.5955 and printing a confusing picture. The market has priced in a good number of positive news releases for the Sterling and there had been offers before 1.6100 psychological handle. However, the bulls have taken the pair to new highs for the week and resistance comes in at 1.6080. From the calendar, we have seen US New Home Sales (MoM) (Aug) printed 0.421M vs 0.420M consensus. While the change came in at 7.9% MoM.
GBP/USD Levels
The 20 DMA is 1.5772, the 50 DMA is 1.5566 and the 200 DMA is 1.5483. RSI (14) reads 66.19. Supports are starting at 1.5869, 1.5886, 1.5936, 1.5955, 1.5984 and 1.6020. Spot is 1.6067 while resistances are 1.6080 and 1.6099.
GBP/USD fell from 1.6040 to score well through stops at 1.5970 marking a low of 1.5955 and printing a confusing picture. The market has priced in a good number of positive news releases for the Sterling and there had been offers before 1.6100 psychological handle. However, the bulls have taken the pair to new highs for the week and resistance comes in at 1.6080. From the calendar, we have seen US New Home Sales (MoM) (Aug) printed 0.421M vs 0.420M consensus. While the change came in at 7.9% MoM.
GBP/USD Levels
The 20 DMA is 1.5772, the 50 DMA is 1.5566 and the 200 DMA is 1.5483. RSI (14) reads 66.19. Supports are starting at 1.5869, 1.5886, 1.5936, 1.5955, 1.5984 and 1.6020. Spot is 1.6067 while resistances are 1.6080 and 1.6099.