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8 Mar 2013
Forex: GBP/USD unable to hold above 1.5000
Cable is last at 1.4995, off fresh session lows at 1.4984, about flat from previous Asia-Pacific open yesterday. The pair retraces from a daily high at 1.5083 printed on late London session trade, following BoE keeping monetary policy on hold. GBP/USD is down -0.25% for the week so far, mounting for more than a -7% loss since year started.
“After failing to break above a falling trendline that’s been holding this week’s price action, GBP/USD fell back toward 1.50, and thus preserved a bearish stance,” said CMT and FXstreet.com Independent Analyst Fan Yang, adding: “A push below 1.50 could be a sign of bearish continuation. A return above 1.51 would be a bullish break that could neutralize the bearish outlook,” the analyst concludes.
For the London session ahead UK consumer inflation expectations at 09:30 GMT is most important risk event for Pound, previous to key US NFP, expected to be above the 150k, which very likely will bring volatility to all USD pairs.
Support levels are found by Fan Yang at: 1.4850, 1.4908 and 1.4966, while resistance levels at: 1.5082, 1.5140 and 1.5198.
“After failing to break above a falling trendline that’s been holding this week’s price action, GBP/USD fell back toward 1.50, and thus preserved a bearish stance,” said CMT and FXstreet.com Independent Analyst Fan Yang, adding: “A push below 1.50 could be a sign of bearish continuation. A return above 1.51 would be a bullish break that could neutralize the bearish outlook,” the analyst concludes.
For the London session ahead UK consumer inflation expectations at 09:30 GMT is most important risk event for Pound, previous to key US NFP, expected to be above the 150k, which very likely will bring volatility to all USD pairs.
Support levels are found by Fan Yang at: 1.4850, 1.4908 and 1.4966, while resistance levels at: 1.5082, 1.5140 and 1.5198.