20 Nov 2013
GBP/USD… is 1.61 in jeopardy?
FXstreet.com (Chicago) - GBP/USD continues printing lower highs and lows dangerously approaching the 1.61 void after retracing from the 1.6140 zone.
Perspective
According to Jim Langlands from FXcharts “there is not too much to add today on Sterling following a choppy session that has ended up roughly where it started as the market awaits today’s BOE Minutes.. The MPC vote is predicted to be unanimous (9-0) and the market has positioned itself for steady rates out of the UK” adding “The indicators are generally fairly neutral and thus for the time being I suspect we are in for some more choppy trade, with a mild bias to the upside for a run towards 1.6200, but much will depend on the Minutes and then later, the US data.”
GBP/USD Technical Levels
Technically speaking, the pair is offered at 1.6111 and navigates between the supports aligned at 1.6081 (November 18th lows), 1.6046 (November 15th lows) followed by 1.5987 (November 14th lows) and the resistances aligned at 1.6148 (November 18th highs), 1.62 (October 27th highs) followed by 1.6239 (October 25th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bullish and presents a neutral EMA20.
Perspective
According to Jim Langlands from FXcharts “there is not too much to add today on Sterling following a choppy session that has ended up roughly where it started as the market awaits today’s BOE Minutes.. The MPC vote is predicted to be unanimous (9-0) and the market has positioned itself for steady rates out of the UK” adding “The indicators are generally fairly neutral and thus for the time being I suspect we are in for some more choppy trade, with a mild bias to the upside for a run towards 1.6200, but much will depend on the Minutes and then later, the US data.”
GBP/USD Technical Levels
Technically speaking, the pair is offered at 1.6111 and navigates between the supports aligned at 1.6081 (November 18th lows), 1.6046 (November 15th lows) followed by 1.5987 (November 14th lows) and the resistances aligned at 1.6148 (November 18th highs), 1.62 (October 27th highs) followed by 1.6239 (October 25th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bullish and presents a neutral EMA20.