11 Nov 2013
GBP/USD, another 1.5900 retest on deck - 2ndSkies
FXstreet.com (Barcelona) - GBPUSD price action continues to trade on a wide 1.6230/40-1.59 range, with the technical picture only clearing up upon a break of either edge.
According to Chris Capre, Founder at 2ndSkies, the latest rejection off daily support provides some clues, noting "the bounce off 1.59 was weaker, only making 200 of the last 350 pips before selling off, so it seems likely another attack on 1.5900 is on deck."
Capre adds: "I'll consider buying off 1.5900, but only if the intraday charts show bids stepping in. The LH (lower high) on the daily charts is communicating though the pair is likely turning over on the daily charts."
According to Chris Capre, Founder at 2ndSkies, the latest rejection off daily support provides some clues, noting "the bounce off 1.59 was weaker, only making 200 of the last 350 pips before selling off, so it seems likely another attack on 1.5900 is on deck."
Capre adds: "I'll consider buying off 1.5900, but only if the intraday charts show bids stepping in. The LH (lower high) on the daily charts is communicating though the pair is likely turning over on the daily charts."