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13 Apr 2015
GBP/USD heading for 1.48 consolidation channel again?
FXStreet (Guatemala) - GBP/USD is currently trading at 1.4656 with a high of 1.4676 and a low of 1.4564.
GBP/USD has continued on the bid with bulls taking on the downside and buying in to weakness vs the broader bearish trend. The pair entered oversold territory last week at the close of business on the back of supporting hawkish FOMC minutes earlier in the week that took the greenback back in to first place across the board.
Meanwhile, technically, the pair is licking its wounds post the aggressive sell off from the 1.50 handle, and the bulls are buying in negative territory here which could be their last defence from the less committed bulls as the week plays out. Further downside could open up territory down to the 1.4290 region on a break of the 1.4330 support where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low, as suggested by Karen Jones, chief analyst at Commerzbank. 1.4720 could be a signal that we are on the way back out of negative territory and if 1.48 is achieved, then we are potentially back in to side ways consolidation action.
GBP/USD has continued on the bid with bulls taking on the downside and buying in to weakness vs the broader bearish trend. The pair entered oversold territory last week at the close of business on the back of supporting hawkish FOMC minutes earlier in the week that took the greenback back in to first place across the board.
Meanwhile, technically, the pair is licking its wounds post the aggressive sell off from the 1.50 handle, and the bulls are buying in negative territory here which could be their last defence from the less committed bulls as the week plays out. Further downside could open up territory down to the 1.4290 region on a break of the 1.4330 support where the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low, as suggested by Karen Jones, chief analyst at Commerzbank. 1.4720 could be a signal that we are on the way back out of negative territory and if 1.48 is achieved, then we are potentially back in to side ways consolidation action.