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25 Mar 2013
Forex: GBP/USD extends the intraday correction
FXstreet.com (Barcelona) - The sterling is accentuating its bearishness on Monday, falling from highs in the vicinity of 1.5250 to the boundaries of 1.5180 as risk aversion continues to swell.
“We believe that the longer term down move has further to run and view the current advance as a short term correction only. Longer term we look for losses to 1.4229, the 2010 low”, argued Axel Rudolph, Senior Technical Analyst at Commerzbank.
At the moment, the cross is losing 0.27% at 1.5191
Next support levels align at 1.5167 (low Mar.22) ahead of 1.5097 (MA10d) and finally 1.5090 (low Mar.21).
On the flip side, a breakout of 1.5280 (Upper Bollinger) would expose 1.5330 (high Feb.22) and then 1.5452 (high Feb.20).
“We believe that the longer term down move has further to run and view the current advance as a short term correction only. Longer term we look for losses to 1.4229, the 2010 low”, argued Axel Rudolph, Senior Technical Analyst at Commerzbank.
At the moment, the cross is losing 0.27% at 1.5191
Next support levels align at 1.5167 (low Mar.22) ahead of 1.5097 (MA10d) and finally 1.5090 (low Mar.21).
On the flip side, a breakout of 1.5280 (Upper Bollinger) would expose 1.5330 (high Feb.22) and then 1.5452 (high Feb.20).