Market Analytics
GBP/USD trades above $1.5930
Friday, November 23, 2012 - 10:28
GBP/USD is consolidating above $1.5930 after having peaked $1.5980 yesterday.
The overall technical picture is bullish. Cable is now in the upper part of the downward channel, existing since September, and above the H4 Ichimoku Cloud.
It is necessary to note that in the second part of October cable was trading sideways in the $1.5970/$1.6170 range (within the downward channel). The pair is currently testing the lower boundary of the daily Ichimoku Cloud.
If overcomes $1.5970 and reenters the daily Cloud, we would expect the pair to reach $1.0620 in the near term. The next target is seen around the upper boundary of the channel ($1.6060, 50-day MA).
Resistance: $1.5970/80, $1.6000,
Support: $1.5920, $1.5900, $1.5880, $1.5825
Chart. H4 GBP/USD
The overall technical picture is bullish. Cable is now in the upper part of the downward channel, existing since September, and above the H4 Ichimoku Cloud.
It is necessary to note that in the second part of October cable was trading sideways in the $1.5970/$1.6170 range (within the downward channel). The pair is currently testing the lower boundary of the daily Ichimoku Cloud.
If overcomes $1.5970 and reenters the daily Cloud, we would expect the pair to reach $1.0620 in the near term. The next target is seen around the upper boundary of the channel ($1.6060, 50-day MA).
Resistance: $1.5970/80, $1.6000,
Support: $1.5920, $1.5900, $1.5880, $1.5825
Chart. H4 GBP/USD
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