Forex Special (Barcelona) - Pound's sharp rally witnessed on Monday has extended on Tuesday's European session, and the pair reached levels above 1.5900, approaching 1.5970 level which, if broken, could open the path towards 1.6425/40, says Karen Jones, technical analyst at Commerzbank.
If the Pound manages to break above 1.5970, next target would be 1.6425/40, according to Jones: "The market has eroded the 55 week moving average together with the top of the channel. Should the market manage to clear 1.5970 we will have to assume a further upside target of 1.6425/40 is engaged."
Bearish moves are expected to find support at 1.5665/75 and 1.5336, says Jones: "Dips lower are expected to find nearby support at 1.5665/75 and be contained by the base of its 2 month upchannel at 1.5336, and while this holds an upside bias remains."
GBP/USD (Aug 03 at 12:40 GMT)
1.5951/52 (0.42%)
H 1.5969 L 1.58615
1.5951/52 (0.42%)
H 1.5969 L 1.58615
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.5867 | 1.5907 | 1.5947 | 1.5961 | 1.6001 | 1.6041 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
| Data updated on Aug 03 at 12:15 (15-minute timeframe) | |
[ View GBP/USD Technical Studies ]
