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17 Dec 2013
GBP/USD re-emerges aiming for 1.6288 limits
FXstreet.com (Chicago) - GBP/USD seems to re-emerge from session lows consolidating a reversal after failing to hold on to bearish pressure. Around 2-week lows, the pair prints higher highs and lows going against the current of primary and secondary trends.
GBP/USD Technical Levels
Price action reveals the pair re-emerges from session lows at 1.6215 and consolidates a reversal that has been successful so far retaking the previously broken support at 1.6237 (November 24th highs) followed by 1.6192 (November 20th highs) and 1.6128 (November 26th lows); the upside prints resistances at 1.6288 (December 8th lows), 1.6348 (December 11th lows) followed by 1.6418 (December 12th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and navigates below the EMA20.
GBP/USD Technical Levels
Price action reveals the pair re-emerges from session lows at 1.6215 and consolidates a reversal that has been successful so far retaking the previously broken support at 1.6237 (November 24th highs) followed by 1.6192 (November 20th highs) and 1.6128 (November 26th lows); the upside prints resistances at 1.6288 (December 8th lows), 1.6348 (December 11th lows) followed by 1.6418 (December 12th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and navigates below the EMA20.