by Thu, 02 Dec 2010 02:13:00 +0100
Forex: GBP/USD picks up above 1.5600
FXstreet.com (Barcelona) - Pound managed to regain the 1.5600 level, although unable to confirm gains, as the pair has been mostly range bound around the level. Along the Asian session, GBP/USD trades in a tight range between 1.5596 and 1.5620, as sidelined traders remain reluctant to lay its cards.
Valeria Bednarik, Chief Analyst at FXstreet.com said: “Hourly chart shows momentum heading south, while price develops above a flat 20 SMA, while 4h. one shows pair has lost previous bullish tone, still no giving sings of a clear bearish movement”.
“Lose of 1.5580 support is needed to see the pair extending its fall towards 1.5485 weekly low. Technical confirmations above 1.5620/30 price zone, could favor a recovery in the upcoming hours. Support levels: 1.5580 1.5530 1.5485, Resistance levels: 1.5625 1.5660 1.5710”.
| Technical Analysis (2010-12-02 01:00 GMT) | |
|---|---|
GBP/USD 1.56103/1.5612 - O: 1.5642 H: 1.5645 L: 1.5627 C: 1.563 | |
| Trend | R3: 1.5691 |
 | R2: 1.5652 |
| R1: 1.5613 | |
| S1: 1.5528 | |
| S2: 1.5567 | |
| S3: 1.5606 | |
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