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13 Jun 2013
GBP/USD attempts a recovery above 1.5680
FXstreet.com (Edinburgh) - After dipping to session lows in sub 1.5640 levels, the GBP/USD has initiated a correction higher to the current area above 1.5680, decoupling from its European peer.
Unwinding of carry favours GBP/USD
The ongoing strong correction in carry has benefited so far the pound, euro and franc, prompting investors to join the bullish wave. In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “is nearing the top of its 3 month up channel and 200 day moving average at 1.5701/03. This resistance area we expect to cap. We suspect that we are now trading towards the end of the corrective move higher”.
GBP/USD support and resistance levels
The pair is now down 0.06% at 1.5669 with the next support waiting at 1.5634 (low Jun.13) followed by the psychological level at 1.5600 and finally 1.5521 (low Jun.11). On the upside, a breakout of 1.5703 (high Jun.13) would open the door to 1.5789 (61.8% of 1.6380-1.4832) ahead of 1.5810 (high Feb.11).
Unwinding of carry favours GBP/USD
The ongoing strong correction in carry has benefited so far the pound, euro and franc, prompting investors to join the bullish wave. In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “is nearing the top of its 3 month up channel and 200 day moving average at 1.5701/03. This resistance area we expect to cap. We suspect that we are now trading towards the end of the corrective move higher”.
GBP/USD support and resistance levels
The pair is now down 0.06% at 1.5669 with the next support waiting at 1.5634 (low Jun.13) followed by the psychological level at 1.5600 and finally 1.5521 (low Jun.11). On the upside, a breakout of 1.5703 (high Jun.13) would open the door to 1.5789 (61.8% of 1.6380-1.4832) ahead of 1.5810 (high Feb.11).