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14 Aug 2013
GBP/USD, unstoppable bears or unstoppable bulls?
FXstreet.com (Chicago) - GBP/USD continues retracing from 1.5530 peaks to approach 1.5500 support zone.
Price action reveals potential exhaustion of the bullish bias that fueled the pair above 1.5500 ceiling. In the US, the PPI (YoY) failed to meet expected 2.4% to print 2.1%. In the UK, the central focus shifted towards the Claimant Count Change for July at -29.2K vs. estimates at -15.0K. Nonetheless, the pair seemed unstoppable as it extended rally until reaching 1.5530, from where it started heading down.
On the downside, supports are set at 1.5488 (August 8th lows), 1.5455 (June 24th highs), 1.5431 (August 13th lows) while resistances are aligned at 1.5515 (August 9th highs), 1.5531 (August 7th highs) and 1.5558 (August 19th highs) on the upside. The FXstreet.com trend index reports the pair as strongly bullish on one-hour timeframe analysis as it accumulates 0.44% daily gains to trade above EMA20.
Price action reveals potential exhaustion of the bullish bias that fueled the pair above 1.5500 ceiling. In the US, the PPI (YoY) failed to meet expected 2.4% to print 2.1%. In the UK, the central focus shifted towards the Claimant Count Change for July at -29.2K vs. estimates at -15.0K. Nonetheless, the pair seemed unstoppable as it extended rally until reaching 1.5530, from where it started heading down.
On the downside, supports are set at 1.5488 (August 8th lows), 1.5455 (June 24th highs), 1.5431 (August 13th lows) while resistances are aligned at 1.5515 (August 9th highs), 1.5531 (August 7th highs) and 1.5558 (August 19th highs) on the upside. The FXstreet.com trend index reports the pair as strongly bullish on one-hour timeframe analysis as it accumulates 0.44% daily gains to trade above EMA20.