GBP/USD Outlook: September, 4 2013
FinFX | Sep 04, 2013 04:24AM ET
The Cable trades in the near-term consolidative mode after cracking the psychological 1.5600 barrier on a spike to 1.5603. The second day closing above 200DMA gives more credibility to the recovery rally from 1.5427, where pullback from 1.5716, 21/08 peak, found support. A positive tone prevails on near-term studies, with price action retracing so far 61.8% of the 1.5716/1.5427 descend, and keeps the upside in near-term focus. A sustained break above 1.5600, and clearance of the last hurdle at 1.5636, is required to confirm bulls for eventual push towards the key 1.5700/16 barriers. Initial support lies at 1.5521, Tuesday’s low, ahead of 1.5500, 200 DMA, and higher lows at 1.5461/27. Loss of which will be bearish.
Resistance: 1.5571; 1.5603; 1.5636; 1.5648
Support: 1.5521; 1.5500; 1.5461; 1.5427
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