Forex: GBP/USD – 0.5% gain in Asian trading

on Jul 16, 2013
Listen Tuesday July 16th_: The GBP/USD yesterday sustained a 0.15 percent drop on the day, closing at 1.5093but earlier reaching a high at 1.5125 and a low at 1.5026.

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In today’s Asian session the price has risen by half a percent. Currently the pair is changing hands at 1.5122, having earlier visited 1.5141 high.
The short term price action is crawling upwards, supported by the 89- and 200-hour simple moving averages. On the larger 4H timeframe though, the MA89 is providing bearish pressure.
Adding to that sentiment, the 1.5125 resistance level has for the past few days been thwarting upwards movement.
Levels of resistance: 1.5140, 1.5190 and 1.5220.
Levels of support: 1.5080, 1.5030 and 1.4980.



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GBP Forex