GBP/USD is on a strong downside slide and hit the 1.6466 low so far. Intraday bias remains on the upside, as long as the 1.6430 minor support line is not broken. On the downside, if the 1.6430 minor support line is broken it will reverse the bullish sentiment to bearish bias and target the 1.6305 major support line.
GBP USD under Pressure Following Weekly Reversal Top
The GBP USD jumped overnight on renewed talk of an interest rate hike by the Bank of England. Traders reacted positively to the news that the Office for National Statistics reported a rise in consumer inflation more than double the Bank of England’s 2% target. The actual report showed that inflation rose at a 4.4% annual pace in February, up from 4% in January.
GBP USD Recovers into Close; Needs to Hold Gann Angle to Sustain Rally
Technical, Fundamental Factors Hold GBP USD Rangebound
The GBP USD continued to trade inside of the September 30 outside range day at 1.5922 to 1.5668. This pattern has temporarily frozen the trade as traders await the latest monetary policy statement from the Bank of England on October 7. A pair of Gann angles is also forming a triangle between 1.5895 and 1.5676. This formation is also helping to confine trading activity.
Hiyo FX peeps! Here’s a weekly chart of the GBPCHF pair. As you can see, the pair has been trading sideways after hitting a low of 1.5118 back in December 29 back in 2008. Just recently, however, the Swiss franc was able to hurdle below the 1.5825 marker against the British pound.
Are the Pound Bulls About To Strike Back? – August 16, 2010
Welcome to another week of forex trading! In today’s FX feature is an update of the GBPUSD pair which I posted back on August 4 (please see my previous blog here). As you can see from its 4-hour chart, the GBPUSD or the Cable has retraced downwards after reaching a 6-month high of 1.5998 on August 4. But despite its recent weakness, I am still bullish on the British pound.
UK Pound Bulls Doing Their ‘Thang’ – August 4, 2010
Good day FX friends! On today’s fx menu is the daily chart of the cable or the GBPUSD pair. In my last post about the pair back in July 16 (kindly see it here), I took note of the British pound’s bullish streak over the greenback. Though at that time I mentioned that it could meet some selling pressure at 1.5500.