Forex: GBP/USD rising today, bucking week’s trend

on Aug 2, 2013
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_iNVEZZ.com Friday August 2nd_: Yesterday the GBP/USD failed to break the 1.5245/50 resistance area and dropped to close at 1.5116, 0.56 percent down on the day and contributing to a drop of 2.73 percent so far from the week’s opening price of 1.5389.

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So far today the pair has been trading within the range 1.5101 to 1.5175, with that bottom being the lowest for the past 13 days. But a short time ago the price jumped sharply from the 1.5133 resistance level to be at 1.5165 right now. The price has hit the upper line of the Bollinger Bands trend indicator on the 1H chart and may encounter resistance.

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This week’s price action suggests that further descent is in prospect and that the quote may reach the 1.5000 psychological level in the short term, an interpretation supported by the fact of the 89- and 200-period simple moving averages floating above the price levels on the 1H, 4H and daily charts.

The current rebound started yesterday around the 50 percent Fibo retracement of 1.4812 to 1.5433 at 1.5123. Upwards, the movement is expected to be limited below 1.5250. In the opposite direction 1.5300 would be the first target.
!fm[](/uploads/story/4528/gbpusdh1_0208_1130h.png)

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