Forex: GBP/USD trading well below 1.5200

on Jul 12, 2013
Listen Friday July 12th_: The GBP/USD yesterday moved within a 160-pip range but closed only 0.4 percent up. The price pushed through the 1.5200 level but failed to go higher than 1.5221 and retraced. In today’s trading the pair is currently changing hands at 1.5137, 0.30 percent down on the day’s opening price.

The descending channel in which the price had been flowing since 17 June was broken to the upside on Wednesday, with the pair since then consolidating above the upper line of the channel.
Resistances: 1.5190, 1.5225 and 1.5295.
Supports: 1.5155, 1.5060 and 1.4980