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8 Apr 2013
Forex: GBP/USD threatening 1.5300
FXstreet.com (Barcelona) - The pound is accelerating its correction lower from highs above 1.5340 on Monday, currently challenging the key support of 1.5300 dragged by increasing selling interest.
“We remain short GBP/USD from 1.5150 targeting 1.47 in Q3 and though obviously uncomfortable at current spot, recommend fading this rally given the formidable economic challenges still ahead for the UK”, commented the research team at NAB.
At the moment, the cross is losing 0.18% at 1.5308 and a breakdown of 1.5204 (MA10d) would expose 1.5199 (low Apr.5) and then 1.5137 (MA21d).
On the flip side, resistance levels align at 1.5364 (high Apr.5) followed by 1/5426 (38.2% of Jan-Mar decline) and finally 1.5452 (high Feb.20).
“We remain short GBP/USD from 1.5150 targeting 1.47 in Q3 and though obviously uncomfortable at current spot, recommend fading this rally given the formidable economic challenges still ahead for the UK”, commented the research team at NAB.
At the moment, the cross is losing 0.18% at 1.5308 and a breakdown of 1.5204 (MA10d) would expose 1.5199 (low Apr.5) and then 1.5137 (MA21d).
On the flip side, resistance levels align at 1.5364 (high Apr.5) followed by 1/5426 (38.2% of Jan-Mar decline) and finally 1.5452 (high Feb.20).