GBP/USD: Cable Found Temporary Footstep At 1.6340
FinFX | Dec 03, 2013 04:08AM ET
GBP/USD
Cable dipped about hundred pips on a corrective pullback from yesterday’s fresh high at 1.6441 and found temporary footstep at 1.6340, 4-hour 20DMA where near-term basing attempt is seen. Positive 4-hour studies see the upside in focus, with regain of 1.6400 handle requested to confirm base formation. Bulls may be delayed for further consolidation, as hourly studies are weak, however, further dips should not exceed psychological 1.6300 support, near 50% retracement of 1.6137/1.6441 upleg and previous congestion tops at 1.6360 zone, in order to keep larger bulls intact. Break above 1.6441 to open psychological 1.6500 barrier next.
Resistance: 1.6400; 1.6441; 1.6500; 1.6550
Support: 1.6340; 1.6325; 1.6300; 1.6256
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