GBP/USD Outlook: Cable Finds Support At 1.5420
FinFX | Aug 15, 2013 04:06AM ET
Cable’s near-term structure improved, as the price found support at 1.5420, where double bottom was formed. Fresh strength that emerged from here reached levels close to key near-term barrier at 1.5573, with daily close near psychological 1.55 handle, keeping the upside in near-term focus. The notion is supported by positively aligned near-term studies, with clearance of 1.5573 peak, required to resume larger rally off 1.4812, 09/07 low and open next target at 1.5600. Initial support at 1.5500 holds for now, while key near-term supports lay at 1.5420/00 zone.
Res: 1.5545; 1.5557; 1.5573; 1.5600
Sup: 1.5495; 1.5482; 1.5468; 1.5450
Source: FinFX Daily Market Outlook (www.finfx.fi)
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