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27 Aug 2013
GBP/USD recovery movement stalls, returns to support
FXstreet.com (New York) - The GBP/USD technical pair found itself paring losses, only to falter again at the 1.5545 region during US trading Tuesday.
A failure to edge higher past this level culminated in the reopening of losses, which now places the pair at 1.5527 in these moments, down -0.30% off its opening. Briefing the technicals, the GBP/USD remains fortified by supports at 1.5527, ahead of 1.5499.
GBP/USD strategic bias
According to Axel Rudolph, an analyst at Commerzbank, “The GBP/USD has come close to but did not quite reach the uptrend channel resistance line, 200-week moving average and the June peak at 1.5716/55 before rapidly declining. Another interim top is now likely to be in place. For this to be confirmed it will have to fall through the mid-August low at 1.5424. En route are the 200-day moving average at 1.5513 and the 1.5432 July high.”
A failure to edge higher past this level culminated in the reopening of losses, which now places the pair at 1.5527 in these moments, down -0.30% off its opening. Briefing the technicals, the GBP/USD remains fortified by supports at 1.5527, ahead of 1.5499.
GBP/USD strategic bias
According to Axel Rudolph, an analyst at Commerzbank, “The GBP/USD has come close to but did not quite reach the uptrend channel resistance line, 200-week moving average and the June peak at 1.5716/55 before rapidly declining. Another interim top is now likely to be in place. For this to be confirmed it will have to fall through the mid-August low at 1.5424. En route are the 200-day moving average at 1.5513 and the 1.5432 July high.”