GBP/USD Outlook: Cable Resumes Uptrend
FinFX | Aug 16, 2013 04:00AM ET
Cable resumed larger uptrend from 1.4812 low, after completing 1.5573/1.5420, near-term corrective phase. The price closed on Thursday above 1.5600 after leaving higher low at 1.5420, clearing 200DMA and psychological 1.5600 barriers, to post fresh high at 1.5650. This would open way towards short-term target and key resistance at 1.5751, 17/06 peak, with initial hurdles laying at psychological 1.5700 level and 1.5721, 100% Fibonacci expansion of the up wave from 1.5100. Near-term studies maintain positive tone, with possible pause in current rally to be triggered by overbought hourly conditions. Initial support lies at 1.5600, ahead of 1.5545, 14/08 high / mid-point of 1.5420/1.5650 rally.
Res: 1.5650; 1.5700; 1.5721; 1.5751
Sup: 1.5600; 1.5562; 1.5535; 1.5500
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