Forex: GBP/USD aiming at 1.5303

on Jul 22, 2013
Listen Monday July 22nd_: The GBP/USD last week put on 1.75 percent, in the process expanding the retreat from the 9 July low of 1.4812. The pair’s daily candle today started at 1.5283. So far the pair has reached a high of 1.5296, a low of 1.5263 and is at press time changing hands at 1.5288.

It’s looking very likely that the 3 July high of 1.5303 will be tested and, if this level doesn’t hold, the price could be expected to head towards 1.5340 and 1.5475.
On the 4H chart, the price action is approaching the slightly descending MA200, being currently at 1.5321. On the daily scale the pair is close to the flat 89-day simple moving average, which is at the moment residing at 1.5316. These two MA’s outline a resistance zone, which may reject the price.
Today’s resistances: 1.5300, 1.5340 and 1.5395.
Supports today: 1.5275, 1.5240 and 1.5155.