Forex: GBP/USD – sluggish price action

on Jun 28, 2013
Listen Friday June 28th_: The pair fell yesterday by 0.62 percent and by the end of the day’s trading, the daily candle had touched the 1.5200 level. So far today (during the Asian session), the quote has been range-bound between 1.5240 and 1.5277 and is currently residing at 1.5265.

1.5275 is a resistance level which has been holding thus far today, but at the event of breakthrough the price should go higher and test resistance at 1.5295 first and then at 1.5345.
To the downside, the weekly low of 1.5200 will need to be broken if the downtick is to continue. In that event, 1.5141 would be the next target.
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