Back
18 Jun 2013
GBP/USD drops to lows around 1.5650
FXstreet.com (Edinburgh) - The GBP/USD continues its march south on Tuesday, accelerated after the consumer prices in the British economy rose beyond expectations during May.
GBP/USD extends its correction lower
After Monday’s highs around 1.5750, the sterling has initiated a bear-correction to the current lows in the mid 1.56s, as sentiment worsened ahead of the FOMC meeting due tomorrow. Recall that the Swiss bank UBS remains bullish on the pair, as Strategists G.Yu and G.Berry commented, “Yesterday the pair posted a new recovery high. Our focus is on the strong resistance at 1.5789; a closing break above this would be further positive opening 1.5879. Support is at 1.5616”.
GBP/USD levels to watch
The pair is now losing 0.0.42% at 1.5653 with the next support at 1.5626 (MA10d) followed by 1.5616 (low Jun.14) and then 1.5521 (low Jun.11). On the upside, a breakout of 1.5723 (high Jun.18) would expose 1.5753 (high Jun.17) and finally 1.5789 (61.8% of 1.6380-1/4832).
GBP/USD extends its correction lower
After Monday’s highs around 1.5750, the sterling has initiated a bear-correction to the current lows in the mid 1.56s, as sentiment worsened ahead of the FOMC meeting due tomorrow. Recall that the Swiss bank UBS remains bullish on the pair, as Strategists G.Yu and G.Berry commented, “Yesterday the pair posted a new recovery high. Our focus is on the strong resistance at 1.5789; a closing break above this would be further positive opening 1.5879. Support is at 1.5616”.
GBP/USD levels to watch
The pair is now losing 0.0.42% at 1.5653 with the next support at 1.5626 (MA10d) followed by 1.5616 (low Jun.14) and then 1.5521 (low Jun.11). On the upside, a breakout of 1.5723 (high Jun.18) would expose 1.5753 (high Jun.17) and finally 1.5789 (61.8% of 1.6380-1/4832).