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23 Apr 2013
Forex: GBP/USD rebound capped by 1.5290
FXstreet.com (Barcelona) - After dipping to session lows in the area of the key support at 1.5200, the sterling initiated a recovery that stalled in the boundaries of 1.5290 so far, dragging the cross to the current area of 1.5265/70.
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “the focus remains on the channel support, currently at 1.5190. The chart picture remains unaltered - we continue to view 1.5412/20, the recent high and the 38.2% retracement as an interim high”. The expert added that a breach of 1.5190 would be indicative that the market might have resumed its down move.
At the moment, the cross is losing 0.17% at 1.5265.
Next support levels line up at 1.5190 (38.2% of 1.4832-1.5412) ahead of 1.5188 (Mar lows) and then 1.5122 (50% of 1.4832-1.5412).
On the flip side, a break above 1.5301 (MA10d) would bring 1.5370 (high Apr.17) and then 1.5386 (high Apr.15).
In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “the focus remains on the channel support, currently at 1.5190. The chart picture remains unaltered - we continue to view 1.5412/20, the recent high and the 38.2% retracement as an interim high”. The expert added that a breach of 1.5190 would be indicative that the market might have resumed its down move.
At the moment, the cross is losing 0.17% at 1.5265.
Next support levels line up at 1.5190 (38.2% of 1.4832-1.5412) ahead of 1.5188 (Mar lows) and then 1.5122 (50% of 1.4832-1.5412).
On the flip side, a break above 1.5301 (MA10d) would bring 1.5370 (high Apr.17) and then 1.5386 (high Apr.15).