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25 Feb 2014
GBP through the 200 DMA
FXStreet (Guatemala) - GBP/USD has managed a good extension of yesterdays advance form the 1.66 handle and is currently approaching on 1.6725 resistance.
GBP/USD is making some key ground and accelerating away from negative territory, which places the pound in highly bullish territory through the 200 DMA once again. Karen Jones, chief analyst at Commerzbank explained that GBP/USD’s break of the 1.6600 Fibonacci support was not sustained and it is possible that it was only an ‘a-b-c correction lower. “The market will need to break back below 1.6535 (50% retracement) in order to re-focus attention on to the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013)”. From the calendar we have Consumer Confidence for the US coming up expected at 80.00.
GBP/USD Levels
The 20 DMA is 1.6529, the 50 DMA is 1.6475 and the 200 DMA is 1.5910. RSI (14) reads 65.28. Supports are ascending from 1.6510, 1.6538, 1.6559, 1.6583, 1.6600 (fib support) and 1.6679. Spot is 1.6713 with resistances at 1.6745 and 1.6757.
GBP/USD is making some key ground and accelerating away from negative territory, which places the pound in highly bullish territory through the 200 DMA once again. Karen Jones, chief analyst at Commerzbank explained that GBP/USD’s break of the 1.6600 Fibonacci support was not sustained and it is possible that it was only an ‘a-b-c correction lower. “The market will need to break back below 1.6535 (50% retracement) in order to re-focus attention on to the 1.6259/29 support which remains key (September high and the 23.6% retracement of the move up from July 2013)”. From the calendar we have Consumer Confidence for the US coming up expected at 80.00.
GBP/USD Levels
The 20 DMA is 1.6529, the 50 DMA is 1.6475 and the 200 DMA is 1.5910. RSI (14) reads 65.28. Supports are ascending from 1.6510, 1.6538, 1.6559, 1.6583, 1.6600 (fib support) and 1.6679. Spot is 1.6713 with resistances at 1.6745 and 1.6757.