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16 Sep 2013
GBP/USD flying; 9-month peaks reached
FXstreet.com (Chicago) - GBP/USD soared on heavy greenback sell-off after Larry Summers gave up his candidacy to the pool of potential Bernanke replacements. Around 9-month peaks, the pair sustains high performance and registers over 200 pips gained this month.
Summers drops the ball but the game goes on
This week, the greenback has a lot of pressure. On one hand, the new candidate for the Chairman position at the Fed is no longer Summers, as wished and talked about by many. Rumors spread on potential nomination of Yellen. Summers said:” I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery” on a letter addressed to the President of the US, Barack Obama.
GBP/USD Technical Levels
Price action reveals the pair manages to sustain performance to accumulate 47 pips so far, adding up to complete the 200 pips mark for this month. Navigating around 9-month highs, the pair is offered at 1.5949 and flows between supports at 1.5908 (November 10th 2012 highs), 1.5876 (February 3rd highs) ahead of 1.5843 (September 12th highs) and resistances at 1.5976 (January 17th lows), 1.6011 (January 1st lows) followed by 1.6060 (December 26th 2012 lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains above the EMA20.
Summers drops the ball but the game goes on
This week, the greenback has a lot of pressure. On one hand, the new candidate for the Chairman position at the Fed is no longer Summers, as wished and talked about by many. Rumors spread on potential nomination of Yellen. Summers said:” I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery” on a letter addressed to the President of the US, Barack Obama.
GBP/USD Technical Levels
Price action reveals the pair manages to sustain performance to accumulate 47 pips so far, adding up to complete the 200 pips mark for this month. Navigating around 9-month highs, the pair is offered at 1.5949 and flows between supports at 1.5908 (November 10th 2012 highs), 1.5876 (February 3rd highs) ahead of 1.5843 (September 12th highs) and resistances at 1.5976 (January 17th lows), 1.6011 (January 1st lows) followed by 1.6060 (December 26th 2012 lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains above the EMA20.