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26 Aug 2013
GBP/USD sustains positive gains, top formed?
FXstreet.com (New York) - The GBP/USD foreign exchange rate has had an uneven trading day thus far, approaching key areas in the daily charts.
GBP/USD strategic bias
According to Axel Rudolph, an analyst at Commerzbank, “The GBP/USD has come close to but did not quite reach the uptrend channel resistance line, 200-week moving average and the June peak at 1.5716/55 before rapidly declining. Another interim top is now likely to be in place. For this to be confirmed it will have to fall through the mid-August low at 1.5424. En route is the 200-day moving average at 1.5515 and the 1.5432 July high.”
After an afternoon lull, the GBP/USD has now crept back into positive territory Monday, albeit to the tune of a +0.02% gain during US trading, now at 1.5572. Briefing the technicals, the GBP/USD will encounter resistance at 1.5597, onto 1.5638, and 1.5674, notes the Danske Research Team.
GBP/USD strategic bias
According to Axel Rudolph, an analyst at Commerzbank, “The GBP/USD has come close to but did not quite reach the uptrend channel resistance line, 200-week moving average and the June peak at 1.5716/55 before rapidly declining. Another interim top is now likely to be in place. For this to be confirmed it will have to fall through the mid-August low at 1.5424. En route is the 200-day moving average at 1.5515 and the 1.5432 July high.”
After an afternoon lull, the GBP/USD has now crept back into positive territory Monday, albeit to the tune of a +0.02% gain during US trading, now at 1.5572. Briefing the technicals, the GBP/USD will encounter resistance at 1.5597, onto 1.5638, and 1.5674, notes the Danske Research Team.