Forex: GBP/USD trapped between 1.5550 and 1.5600

on Aug 26, 2013
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_iNVEZZ.com August Monday 26th_: The highest point reached during the past week was the 21 August high of 1.5716 (54-day peak). The GBP/USD traded for a while above the flat 89-week simple moving average, which is staying at 1.5672, but failed to hold above this trend indicator, which is acting as a resistance at the moment. The price lost 0.55 percent of its value with the weekly candle opening at 1.5623 and closing at 1.5578. The candle may be recognised as a shooting star pattern, which is a strong bearish sign. However, the lower wick of the candle may bring some doubt as to whether the pattern will influence the market.

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Forex: Afternoon update: German Economy Grows StronglyForex: GBP/USD back above 1.5600

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The GBP/USD has been trading sluggishly so far today within a 24-pip range from 1.5583 and 1.5559. At press time the pair is changing hands at 1.5573, 0.05 percent under the opening price for today.

Since 22 August the price has been trapped between the 1.5550 and 1.5600 levels, respectively support and resistance. A breakthrough to the upside would push the price to test the 17 June high of 1.5750, which may bring a reversal to the current uptrend or at least will offer strong resistance and consolidation movements.
To the downside the 1.5400 support awaits to be tested.
Resistances: 1.5585, 1.5640 and 1.5715.
Supports: 1.5560, 1.5540 and 1.5495.
!fm[](/uploads/story/5071/gbpusdh4_2608.png)

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Forex: Afternoon update: German Economy Grows StronglyForex: GBP/USD back above 1.5600

FOLLOW our top traders or BET against them.
http://nvz.bz/1bNyfTz

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GBP Forex