Forex: GBP/USD looking at 1.5100

on Jul 17, 2013
Listen Wednesday July 17th_: On Tuesday, the GBP/USD gained 0.32 percent, closing at 1.5127. So far today the pair has depreciated by 0.37 percent, trading at the moment at 1.5095.

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The falling wedge pattern was broken to the upside yesterday, but the price came back inside the pattern, which morphed into a descending flag figure.
Further to the downside lie the short, medium and long term targets of 1.5026, 1.4812, 1.4225 and 1.3501.
If the pair should rally though, short term upwardly mobile targets would be 1.5220, 1.5300 and 1.5400.
Levels of resistance significant today: 1.5130, 1.5170 and 1.5225.
Levels of support important today: 1.5075, 1.5030 and 1.4990.



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GBP Forex