GBP/USD: Cable Well Supported
FinFX | Dec 02, 2013 04:00AM ET
GBP/USD
Cable remains well supported and surged through 1.64 barrier at the beginning of the week, with fresh high being posted at 1.6441. Completion of 1.6380/1.4812 bear-phase, opens fresh leg higher, with psychological 1.6500 barrier, seen next and short-term target at 1.6617, 19/08/2011 peak. Near-term studies maintain positive tone, with bulls to be interrupted by overbought 4-hour studies. Psychological 1.6400 level and previous 1.6380 peak, offer initial support, with previous range tops and strong support at 1.6260 zone, expected to contain stronger pullbacks.
Resistance: 1.6400; 1.6441; 1.6500; 1.6550
Support: 1.6400; 1.6380; 1.6312; 1.6300
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