9 Dec 2013
GBP/USD tests resistance level
FXstreet.com (Córdoba) - The GBP/USD has advanced Monday as positive Chinese trade data sparked risk appetite and weighed on the greenback.
The GBP/USD has climbed nearly 70 pips throughout the day and is once again testing the 1.6390 resistance area which halted the rise Friday. At time of writing, the Cable is trading at the 1.6380 zone, recording a 0.2% gain since opening, having peaked at 1.6392 in recent dealings.
GBP/USD technical perspective
"The bias is positive after the recent low at 1.6276, but the resistance at 1.6403 is still intact and I favor a reversal for one more downswing towards 1.6240 major support area", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the upside is 1.6441 high and only a violation of that level will signal a renewal of the general uptrend towards 1.6740. Initial intraday support is projected at 1.6350".
The GBP/USD has climbed nearly 70 pips throughout the day and is once again testing the 1.6390 resistance area which halted the rise Friday. At time of writing, the Cable is trading at the 1.6380 zone, recording a 0.2% gain since opening, having peaked at 1.6392 in recent dealings.
GBP/USD technical perspective
"The bias is positive after the recent low at 1.6276, but the resistance at 1.6403 is still intact and I favor a reversal for one more downswing towards 1.6240 major support area", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the upside is 1.6441 high and only a violation of that level will signal a renewal of the general uptrend towards 1.6740. Initial intraday support is projected at 1.6350".