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12 Mar 2014
GBP/USD bounces off 1-month low
FXStreet (Córdoba) - The GBP/USD bounced off 1-month low and erased daily losses at the beginning of the American session.
The GBP/USD underperformed during the European session and broke below the 1.6600 mark, triggering stops and falling to a low of 1.6568. However, bears lacked determination to take the 1.6550 support area, allowing the Cable to bounce back to neutral territory. At time of writing, the GBP/USD is trading at the 1.6610 zone, virtually unchanged since opening.
GBP/USD technical outlook
"The recent slide to 1.6595 was a test of 1.6580 support zone, but the lack of a significant rebound so far signals, that the bias remains negative, for another leg downwards, to 1.6480 before major reversal", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial intraday resistance lies at 1.6653".
The GBP/USD underperformed during the European session and broke below the 1.6600 mark, triggering stops and falling to a low of 1.6568. However, bears lacked determination to take the 1.6550 support area, allowing the Cable to bounce back to neutral territory. At time of writing, the GBP/USD is trading at the 1.6610 zone, virtually unchanged since opening.
GBP/USD technical outlook
"The recent slide to 1.6595 was a test of 1.6580 support zone, but the lack of a significant rebound so far signals, that the bias remains negative, for another leg downwards, to 1.6480 before major reversal", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial intraday resistance lies at 1.6653".