22 Aug 2013
GBP/USD retracing the bull attempt
FXstreet.com (Edinburgh) -The sterling is back to session lows, dragging the GBP/USD to the 1.5580/75 band after an unsuccessful attempt to follow through 1.5600 and beyond.
GBP/USD remains subdued
The pair attempted a rebound after the release of softer US jobs data, although the up-move was ephemeral, losing steam around 1.5610/15. Camilla Sutton, Chief Strategist at Scotiabank, holds a bullish outlook on the pair in the short term, as signals remains in buy territory. She added, “For this to shiftto a more bearish view GBP would have to drop below the August 15 open of 1.5500, with support from the 200-day MA lying just ahead of this at 1.5519.
GBP/USD levels to watch
As of writing the pair is losing 0.45% at 1.5588 facing the next support at 1.5571 (MA10d) ahead of 1.5519 (MA200d) and then 1.5504 (low Aug.15). On the flip side, a breakout of 1.5650 (high Aug.22) would bring 1.5718 (high Aug.21) and finally 1.5753 (high Jun.17).
GBP/USD remains subdued
The pair attempted a rebound after the release of softer US jobs data, although the up-move was ephemeral, losing steam around 1.5610/15. Camilla Sutton, Chief Strategist at Scotiabank, holds a bullish outlook on the pair in the short term, as signals remains in buy territory. She added, “For this to shiftto a more bearish view GBP would have to drop below the August 15 open of 1.5500, with support from the 200-day MA lying just ahead of this at 1.5519.
GBP/USD levels to watch
As of writing the pair is losing 0.45% at 1.5588 facing the next support at 1.5571 (MA10d) ahead of 1.5519 (MA200d) and then 1.5504 (low Aug.15). On the flip side, a breakout of 1.5650 (high Aug.22) would bring 1.5718 (high Aug.21) and finally 1.5753 (high Jun.17).