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12 Jul 2013
GBP/USD slides to test 1.5100
FXstreet.com (Barcelona) - GBP/USD was capped overnight at 1.5200, before starting its decline ahead of the European session.
Despite finding a touch of near terms support at the daily pivot point at 1.5134, the pair endeavered on, and is now probing the psychologically round 1.5100 level. Spot has tested the water posting a low at 1.5091, but in the near term at least, support was too strong and price moved higher to where it is currently trading at 1.5102. The only UK data of the day was the CB Leading Economic Indicator which came in at 0.4% against 0.2% previous. Ahead the main focus for the end of the week is the Michigan Consumer Sentiment Index, due at 13:5 GMT.
GBP/USD technical bears in control?
The FXstreet.com Trend Index is strongly bearish for the pair, and hourly short term MA´s indicating a bearish turn, while longer timeframes are flat. Hourly oscillators are also reflecting this sentiment, with Stochastics oversold at 14, and RSI heading lower at 41. Faysal Amin of Mind Vision Traders sees support at 1.5044, 1.4942 and major support at 1.4712. Ahead he sees resistance at 1.5266, 1.5385 and major resistance at 1.5542.
Despite finding a touch of near terms support at the daily pivot point at 1.5134, the pair endeavered on, and is now probing the psychologically round 1.5100 level. Spot has tested the water posting a low at 1.5091, but in the near term at least, support was too strong and price moved higher to where it is currently trading at 1.5102. The only UK data of the day was the CB Leading Economic Indicator which came in at 0.4% against 0.2% previous. Ahead the main focus for the end of the week is the Michigan Consumer Sentiment Index, due at 13:5 GMT.
GBP/USD technical bears in control?
The FXstreet.com Trend Index is strongly bearish for the pair, and hourly short term MA´s indicating a bearish turn, while longer timeframes are flat. Hourly oscillators are also reflecting this sentiment, with Stochastics oversold at 14, and RSI heading lower at 41. Faysal Amin of Mind Vision Traders sees support at 1.5044, 1.4942 and major support at 1.4712. Ahead he sees resistance at 1.5266, 1.5385 and major resistance at 1.5542.