24 Oct 2013
GBP/USD tug of war, can support 1.6150 hold up?
FXstreet.com (London) - GBP/USD has been a tug of war over the past couple of sessions, spending most of yesterday on the back foot following a large order that hit the market on the China news.
Key 1.6115/20 level held up and the reversal has swift, trading back above 1.62 on the open in Europe today. However, the dollar has risen again taking the pair lower while the trade balance has improved in August. This opens up a well defined range between (1.6115 and 1.6260) and a break of either could illicit a decent move.
GBP/USD Levels
The 20 DMA is 1.6090, the 50 DMA is 1.5877 and the 200 DMA is 1.5478. RSI (14) reads 39.73. Supports are ascending from 1.6033, 1.6064, 1.6076 and 1.6110. Spot is currently 1.6155 while resistances are 1.6190, 1.6205, 1.6228, 1.6260 and 1.6310.
Key 1.6115/20 level held up and the reversal has swift, trading back above 1.62 on the open in Europe today. However, the dollar has risen again taking the pair lower while the trade balance has improved in August. This opens up a well defined range between (1.6115 and 1.6260) and a break of either could illicit a decent move.
GBP/USD Levels
The 20 DMA is 1.6090, the 50 DMA is 1.5877 and the 200 DMA is 1.5478. RSI (14) reads 39.73. Supports are ascending from 1.6033, 1.6064, 1.6076 and 1.6110. Spot is currently 1.6155 while resistances are 1.6190, 1.6205, 1.6228, 1.6260 and 1.6310.