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11 Mar 2013
Forex: GBP/USD trimming earlier losses
After bottoming in the area of 1.4865/70, the sterling has managed to pick up pace and leave behind the key resistance of 1.4900, climbing to the area of 1.4915/20 although faltering later.
“Despite momentum being ‘oversold’ it’s still falling and there appears little chance of a trend reversal in the short term. Look for potential support at 1.4783 otherwise expect the sell off to continue to the 1.4234 level before a significant turnaround”, assessed William Moore, Strategist at RBS.
At the moment, the cross is losing 0.07% at 1.4911 with the next support at 1.4803 (low Jun.23 2010) followed by 1.4798 (Lower Bollinger) and then 1.4688 (low Jun.22 2010).
On the upside, a breakout of 1.5047 (high Mar.8) would expose 1.5063 (MA10d) and finally 1.5083 (high Mar.7).
“Despite momentum being ‘oversold’ it’s still falling and there appears little chance of a trend reversal in the short term. Look for potential support at 1.4783 otherwise expect the sell off to continue to the 1.4234 level before a significant turnaround”, assessed William Moore, Strategist at RBS.
At the moment, the cross is losing 0.07% at 1.4911 with the next support at 1.4803 (low Jun.23 2010) followed by 1.4798 (Lower Bollinger) and then 1.4688 (low Jun.22 2010).
On the upside, a breakout of 1.5047 (high Mar.8) would expose 1.5063 (MA10d) and finally 1.5083 (high Mar.7).