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3 May 2013
Forex: GBP/USD ends the week higher
FXstreet.com (Córdoba) - The British pound remains on track to close the week with gains versus the dollar for second time in a row, supported by better economic data published over the last days.
However GBP/USD lacked strength to decisively break above the 1.5600 level despite two attempts this week and entered in a consolidation phase during the American afternoon following the latest failure.
At time of writing, GBP/USD is trading around 1.5550, where it is 0.1% above its opening price. On the upside, 1.5605 (high May 1) is immediate resistance level to overcome, followed by 1.5690 (high Feb 13). On the downside, supports are seen at 1.5479 (daily low) and 1.5440 (10-day SMA).
However GBP/USD lacked strength to decisively break above the 1.5600 level despite two attempts this week and entered in a consolidation phase during the American afternoon following the latest failure.
At time of writing, GBP/USD is trading around 1.5550, where it is 0.1% above its opening price. On the upside, 1.5605 (high May 1) is immediate resistance level to overcome, followed by 1.5690 (high Feb 13). On the downside, supports are seen at 1.5479 (daily low) and 1.5440 (10-day SMA).