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10 Sep 2013
GBP/USD with 1.5700 intact, is there scope for move higher?
FXstreet.com (Lisbon) - The GBP/USD foreign exchange rate has shown resilience at the 1.5700 level Tuesday, unable to waiver too far in either direction as the pair gravitates towards this region.
Given the recent return to the 1.5700 region, the GBP/USD continues to tread positively, albeit to the tune of a +0.07% gain as it settles at 1.5706. Briefing the technicals, the GBP/USD remains capped by resistances at 1.5731, onto 1.5753, and 1.5781, notes the Danske Research team.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD managed to confirm stability above 1.5645 which could push the pair further to the upside in an attempt to breach the previous top 1.5751 approaching 113% correction at 1.5875 as shown on graph. We will ignore the overbought signals showing on momentum indicators unless we have a breakout and consolidation below 1.5645.”
Given the recent return to the 1.5700 region, the GBP/USD continues to tread positively, albeit to the tune of a +0.07% gain as it settles at 1.5706. Briefing the technicals, the GBP/USD remains capped by resistances at 1.5731, onto 1.5753, and 1.5781, notes the Danske Research team.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD managed to confirm stability above 1.5645 which could push the pair further to the upside in an attempt to breach the previous top 1.5751 approaching 113% correction at 1.5875 as shown on graph. We will ignore the overbought signals showing on momentum indicators unless we have a breakout and consolidation below 1.5645.”