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18 Apr 2013
Forex: GBP/USD clinging to 1.5300
FXstreet.com (Barcelona) - The sterling is pushing higher on Thursday, threatening to surpass session highs around 1.5310 so far, as risk appetite is back to the markets after yesterday’s sell-off.
E.Theoret, Analyst at Scotiabank, argued that the outlook remains bullish “but fading as there are early signs of a turn. A close below the 50‐day MA at 1.5228 would be bearish and have us favouring short positions”.
At the moment, the cross is up 0.39% at 1.5298 with the next resistance at 1.5370 (high Apr.17) followed by 1.5386 (high Apr.15) and then 1.5409 (high Apr.12).
On the downside, a breach of 1.5217 (low Apr.17) would then target 1.5199 (low Apr.5) and finally 1.5034 (low Apr.4).