GBP/USD: Resistance At 1.5478
Carol Harmer | Aug 13, 2013 03:33AM ET
1.5446 has been the low and this is the area we were looking at yesterday as a target if we broke the 1.5478 support.
Here we should expect some profit taking and this should hold the price up at these lower levels. However, as with all these markets, the summer months are whippy and on low volume, therefore any profits seen should be taken quickly as these markets take no prisoners at the moment due to lack of interest
Resistance is at 1.5478. If above here, we have scope for further moves higher and we could well see 1.5530 again.
Below 1.5420 leaves scope for further weakness with 1.5380 the first short term objective...If this support is lost we look for another leg lower and 1.5310/05 would then come back into focus..
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