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26 Feb 2013
Forex: GBP/USD rejected from 1.5215
The recovery of the pound against the dollar stalled once again at the 1.5215 area, where the 100-hour SMA reinforces static resistance. GBP/USD then fell back below the 1.5200 mark and even hit a fresh daily low of 1.5127, weighed by BoE's Tucker saying "real fx rates need to be lower".
However, GBP/USD found support and managed to recover some ground. The pair is currently trading around 1.5160, where it remains virtually unchanged since opening.
"Cable tried moving up but is facing resistance near 1.5200-15 levels. The bigger trend remains bearish and a failure to rise past 1.5200-15 will be a signal that the short covering is losing steam and a fall towards 1.4850 can well be seen in the coming days", says the Kshitij Consultancy Services Team. "A rise above 1.52 can push it further towards 1.5250-300".
However, GBP/USD found support and managed to recover some ground. The pair is currently trading around 1.5160, where it remains virtually unchanged since opening.
"Cable tried moving up but is facing resistance near 1.5200-15 levels. The bigger trend remains bearish and a failure to rise past 1.5200-15 will be a signal that the short covering is losing steam and a fall towards 1.4850 can well be seen in the coming days", says the Kshitij Consultancy Services Team. "A rise above 1.52 can push it further towards 1.5250-300".