10 Jun 2013
GBP/USD stuck at 1.5550 region
FXstreet.com (New York) - The GBP/USD foreign exchange rally seems to have stalled at the 1.5550 region Monday, stuck in a sideways movement and clinging to healthy gains during US trading.
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD last week rallied sharply higher to reach the top of its 3 month up channel and 200-day MA – these are located at 1.5684/1.5704 and are expected to hold the initial test. We suspect that this is the end of the corrective move.”
GBP/USD bullish path intact
Amidst this uptick, the GBP/USD is securing an advance of +0.20% at the time of writing. According to Research Analyst Gareth Berry at UBS, “The GBP/USD pair looks to edge higher as bullish conditions persist, a break above 1.5684 would open the way to test the main resistance at 1.5789. Meanwhile, support is at 1.5426, indicating a bullish outlook intraday.”
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD last week rallied sharply higher to reach the top of its 3 month up channel and 200-day MA – these are located at 1.5684/1.5704 and are expected to hold the initial test. We suspect that this is the end of the corrective move.”
GBP/USD bullish path intact
Amidst this uptick, the GBP/USD is securing an advance of +0.20% at the time of writing. According to Research Analyst Gareth Berry at UBS, “The GBP/USD pair looks to edge higher as bullish conditions persist, a break above 1.5684 would open the way to test the main resistance at 1.5789. Meanwhile, support is at 1.5426, indicating a bullish outlook intraday.”