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12 Apr 2013
Forex: GBP/USD dips to 1.5360/65
FXstreet.com (Barcelona) - The sterling is rapidly depreciating against the greenback on Friday, falling from overnight highs in the vicinity of 1.5410 to the current region of 1.5360/65.
“Prices broke resistance above 1.5354, the 50% Fibonacci retracement, exposing the 61.8% level at 1.5478. A further push beyond that eyes the 76.4% Fib at 1.5631. The 1.5354 mark has been recast as near-term support, with a reversal back beneath that aiming for the 38.2% retracement at 1.5230”.
At the moment, the cross is down 0.12% at 1.5365 with the next support at 1.5319 (hourly low Apr.11) ahead of 1.5294 (low Apr. 10) and then 1.5255 (MA10d).
On the upside, a surpass of 1.5412 (high Apr.11) would expose 1.5426 (38.2% of Jan – Mar slide) and finally 1.5452 (high Feb.20).
“Prices broke resistance above 1.5354, the 50% Fibonacci retracement, exposing the 61.8% level at 1.5478. A further push beyond that eyes the 76.4% Fib at 1.5631. The 1.5354 mark has been recast as near-term support, with a reversal back beneath that aiming for the 38.2% retracement at 1.5230”.
At the moment, the cross is down 0.12% at 1.5365 with the next support at 1.5319 (hourly low Apr.11) ahead of 1.5294 (low Apr. 10) and then 1.5255 (MA10d).
On the upside, a surpass of 1.5412 (high Apr.11) would expose 1.5426 (38.2% of Jan – Mar slide) and finally 1.5452 (high Feb.20).