Forex: GBP/USD exploring 1.5600 surroundings

on Aug 22, 2013
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_iNVEZZ.com August Thursday 22nd_: Yesterday during the American session the GBP/USD attempted an attack on the 1.5750 high from 17 June but failed to go higher than 1.5716, which happened to be the highest point since 18 June. Subsequently the pair fell sharply to form a shooting star candle (daily), which is a strong bearish sign and is the first evidence of topping. The price lost 0.48 percent closing at 1.5614. Initially the 89-hour simple moving average offered a support at 1.5650, but subsequently was crossed to the downside.

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Today the fall expands with the GBP/USD currently trading at 1.5590, 0.24 percent below the opening price. The 1.5600 psychological level has been breached and sustained trading below would push the price further downwards towards the 1.5500 level.

So far today the pair has been unable to go lower than the 1.5590-1.5586 support area. In the event of a breakthrough the price will be targeting the next supports of 1.5575, 1.5555 and 1.5515.
The decline is supported by the MACD (9,12,1) divergence on the 4H scale, which is a bearish signal and may push the price further down.
The past five hourly candles closed above the 1.5590 mark, indicating strong support and the price may consolidate more between 1.5750 and 1.5600 before taking definite direction.
!fm[](/uploads/story/5003/gbpusdh4_2208.png)

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GBP/USD – Sterling edge to fresh 2-month high after positive manufacturing update Currency Briefing: July minutes show officials divided

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http://nvz.bz/1bNyfTz

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