Forex: GBP/USD jumps steeply to 1.5240

on Jul 1, 2013
Listen Monday July 01st_: Over the past two weeks the pair has slumped 5.2 percent. In trading so far today, the lowest point reached has been 1.5182, after which the price has jumped sharply to be currently at 1.5240.

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The pair has been sliding since 17 June within a descending channel and the downtrend may yet extend lower. Before last week’s low of 1.5164 is broken, consolidation movement may occur towards 1.5345.
The price action is below the MA89 and MA200 on the hourly, four-hour and daily charts. On the daily and the 4H scales the MACD indicator is negative.
Resistances: 1.5275, 1.5300 and 1.5345.
Supports: 1.5200, 1.5165 and 1.5140.
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GBP Forex