GBPUSD Technical Update – Bearish Momentum Continues
February 2, 2013 10:28 am in Forex Analysis
GBPUSD Technical Update
- Cable was trading around the 1.5865 area heading into Friday and looked set for a weekly basis gain. However, the price action as the week drew to a close had this pair covering around 189 pips – with the majority of this to the downside – post the NFP report.
- The currency strength chart last week highlighted the GBP as one of the weakest currencies over the mid-term and this bearish momentum has continued.
- Resistance had been found around the highlighted 38.2% Fibonacci level, roughly aligned with the prior swing lows from mid November 2012.
- The pound/dollar pair has ultimately closed the week near the longer term 61.8% Fibonacci area, as highlighted in our previous cable update – an area which acted as support on the 28/1/13.
- See further GBPUSD Technical Analysis posts.
GBPUSD Technical Update- D1 Chart