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18 Jun 2013
Flash: GBP/USD a mixed bag
FXstreet.com (London) - Karan Jones, Analyst at Commerzbank had previously suggested that the 200 d ma would be a tuff area to crack for GBP/USD.
GBP/USD finding new form
With the previous reversal, she also said a break below the 1.5490 June 7 low is needed to alleviate immediate upside pressure and signal a slide back to the 55 day moving average at 1.5364 en route to the support line at 1.5054. As turbulent as we have seen how these markets can be of late, above Thursday’s 1.5736 high lies the 1.5782 61.8% retracement of this years move, 1.5794 200 week moving average is located here and beyond here lies 1.6040, the 78.6% Fibonacci retracement of the down move seen this year.
GBP/USD finding new form
With the previous reversal, she also said a break below the 1.5490 June 7 low is needed to alleviate immediate upside pressure and signal a slide back to the 55 day moving average at 1.5364 en route to the support line at 1.5054. As turbulent as we have seen how these markets can be of late, above Thursday’s 1.5736 high lies the 1.5782 61.8% retracement of this years move, 1.5794 200 week moving average is located here and beyond here lies 1.6040, the 78.6% Fibonacci retracement of the down move seen this year.