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4 Jun 2013
GBP/USD testing lows around 1.5280/85
FXstreet.com (Barcelona) - The sterling is accelerating its downside on Tuesday, falling from overnight highs above 1.5340 to current session lows in the boundaries of 1.5280.
“GBP/USD’s corrective rebound has reached 1.5373 (61.8% retracement) and we must allow for an extension to 1.5476 (78.6% retracement) ahead of failure. Near term strength is viewed as corrective only and we will maintain an overall negative bias while capped by the 1.5601 May high”, commented Karen Jones, Head of FICC Technical Strategist at Commerzbank.
At the moment, GBP/USD is losing 0.22% at 1.5286 with the next support at 1.5240 (MA21d) followed by 1.5193 (low Jun.3) and finally 1.5161 (MA10d). On the flip side, a break above 1.5376 (high Jun.3) would target 1.5378 (61.8% of 1.5607-1.5008) en route to 1.5385 (high May 13).
“GBP/USD’s corrective rebound has reached 1.5373 (61.8% retracement) and we must allow for an extension to 1.5476 (78.6% retracement) ahead of failure. Near term strength is viewed as corrective only and we will maintain an overall negative bias while capped by the 1.5601 May high”, commented Karen Jones, Head of FICC Technical Strategist at Commerzbank.
At the moment, GBP/USD is losing 0.22% at 1.5286 with the next support at 1.5240 (MA21d) followed by 1.5193 (low Jun.3) and finally 1.5161 (MA10d). On the flip side, a break above 1.5376 (high Jun.3) would target 1.5378 (61.8% of 1.5607-1.5008) en route to 1.5385 (high May 13).