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22 Oct 2015
GBP/USD retreats from highs, back to 1.5470
FXStreet (Edinburgh) - So much for the spike in GBP/USD. The upside in the sterling has run out of steam above the 1.5500 handle vs. the dollar, returning to the current 1.5470 area.
GBP/USD keeps the top of the daily range
After hitting session tops beyond the key 1.5500 handle, the pair is attempting a leg lower to the 1.5470/60 band, quickly leaving behind the very auspicious results from the Retail Sales in the UK economy.
A re-emergence of the bid tone around the greenback has prevented spot to sustain the recent (and ephemeral) break above the 1.5500 mark, or weekly highs, leaving it vulnerable to a deeper correction.
GBP/USD important levels
As of writing the pair is advancing 0.31% at 1.5465 with the next resistance at 1.5567 (38.2% Fibo of 1.7192-1.4563) ahead of 1.5613 (downtrend from ytd top) and finally 1.5659 (high Sep.18). On the other hand, a breach of 1.5411 (55-day ma) would aim for 1.5334 (200-day sma) and then 1.5183 (23.6% Fibo of 1.7192-1.4563).
GBP/USD keeps the top of the daily range
After hitting session tops beyond the key 1.5500 handle, the pair is attempting a leg lower to the 1.5470/60 band, quickly leaving behind the very auspicious results from the Retail Sales in the UK economy.
A re-emergence of the bid tone around the greenback has prevented spot to sustain the recent (and ephemeral) break above the 1.5500 mark, or weekly highs, leaving it vulnerable to a deeper correction.
GBP/USD important levels
As of writing the pair is advancing 0.31% at 1.5465 with the next resistance at 1.5567 (38.2% Fibo of 1.7192-1.4563) ahead of 1.5613 (downtrend from ytd top) and finally 1.5659 (high Sep.18). On the other hand, a breach of 1.5411 (55-day ma) would aim for 1.5334 (200-day sma) and then 1.5183 (23.6% Fibo of 1.7192-1.4563).