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10 Sep 2013
GBP/USD flat-lined around 1.5700
FXstreet.com (Edinburgh) -After hitting 1.5730 on Monday, the GBP/USD returned to the area of 1.5700 the figure and attempts a consolidation amidst swelling risk appetite.
GBP/USD ready to assault 1.5750
The pair posted gains in seven out of the last ten weeks, bouncing sharply from sub 1.4900 levels at the beginning of July albeit it would now face quite a tough hurdle in the mid 1.57s, or June peaks. Paul Robson, Senior FX Strategist at RBS, suggested, “At this stage, with the pair above 1.5600 and if the USD index starts to wobble, then GBP/USD could benefit, potentially with a break above 1.5750 catapulting us up to the 1.5950/1.60 area. From a longer term perspective, support at 1.5370 needs to be broken to get us back into negative mode. At this stage, we would expect a sideways range between 1.5525 to 1.5750”.
GBP/USD relevant levels
At the moment the pair is up 0.02% at 1.5697 facing the next hurdle at 1.5732 (high Sep.9) ahead of 1.5753 (high Jun.17) and finally 1.5782 (61.8% of 1.6380-1.4814). On the flip side, a breakdown of 1.5694 (MA10h) would expose 1.5603 (low Sep.9) and then 1.5573 (MA10d).
GBP/USD ready to assault 1.5750
The pair posted gains in seven out of the last ten weeks, bouncing sharply from sub 1.4900 levels at the beginning of July albeit it would now face quite a tough hurdle in the mid 1.57s, or June peaks. Paul Robson, Senior FX Strategist at RBS, suggested, “At this stage, with the pair above 1.5600 and if the USD index starts to wobble, then GBP/USD could benefit, potentially with a break above 1.5750 catapulting us up to the 1.5950/1.60 area. From a longer term perspective, support at 1.5370 needs to be broken to get us back into negative mode. At this stage, we would expect a sideways range between 1.5525 to 1.5750”.
GBP/USD relevant levels
At the moment the pair is up 0.02% at 1.5697 facing the next hurdle at 1.5732 (high Sep.9) ahead of 1.5753 (high Jun.17) and finally 1.5782 (61.8% of 1.6380-1.4814). On the flip side, a breakdown of 1.5694 (MA10h) would expose 1.5603 (low Sep.9) and then 1.5573 (MA10d).