by Thu, 16 Sep 2010 13:10:00 +0200
Forex: GBP/USD, back above 1.5600
FXstreet.com (Barcelona) - Pound's reversal from yesterday's high at 1.5655 extended on Wednesday following weaker than expected UK retail sales data, and the pair plunged to 1.5550 session low, to pick up afterwards, returning to levels above 1.5600 at the moment of writing.
The pair is trading below important resistance area at 1.5675/00, which, according to Stoyan Mihaylov, technical analyst at Deltastock.com is likely to trigger a reversal to 1.5448: "Yesterday's rise peaked at 1.5653 and we still believe, that the resistance area below 1.5675-1.57 will provoke a reversal for a sharp slide towards 1.5448, en route to 1.5290."
Support levels, according to Mihaylov, lie at 1.5470, 1.5290 and 1.5118. On the upside, resistance levels are 1.5652, 1.5675 and 1.5700.
| Technical Analysis (2010-09-16 11:00 GMT) | |
|---|---|
GBP/USD 1.56129/1.56133 - O: 1.5375 H: 1.5383 L: 1.5375 C: 1.5381 | |
| Trend | R3: 1.5670 |
 | R2: 1.5631 |
| R1: 1.5592 | |
| S1: 1.5490 | |
| S2: 1.5529 | |
| S3: 1.5568 | |
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