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10 Apr 2015
GBP/USD targets the 1.43 space on longer term view
FXStreet (Guatemala) - GBP/USD is currently trading at 1.4647 with a high of 1.4726 and a low of 1.4585.
GBP/USD downside remains prominent although there has been some profit booking around the 1.4600 level in to the closing session of the week. The theme of a string dollar live son with the recent FOMC minutes fuelling the bulls in the greenback and against a back drop of a UK economy that has printed less positive data and uncertainty of the elections, the pound has lost some of its shine this week.
Technically, GBP/USD's 1.50000 sell off has marked a renewed leg of bearishness that targets space towards the 1.4300 area which would make contact with the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low as noted by Karen Jones chief analyst at Commerzbank. "Key resistance remains the 2014-2015 downtrend channel resistance line at 1.5237. Initial resistance at 1.50 maintains the immediate offered tone."
GBP/USD downside remains prominent although there has been some profit booking around the 1.4600 level in to the closing session of the week. The theme of a string dollar live son with the recent FOMC minutes fuelling the bulls in the greenback and against a back drop of a UK economy that has printed less positive data and uncertainty of the elections, the pound has lost some of its shine this week.
Technically, GBP/USD's 1.50000 sell off has marked a renewed leg of bearishness that targets space towards the 1.4300 area which would make contact with the 78.6% Fibonacci retracement of the 2009 uptrend meets the 2010 low as noted by Karen Jones chief analyst at Commerzbank. "Key resistance remains the 2014-2015 downtrend channel resistance line at 1.5237. Initial resistance at 1.50 maintains the immediate offered tone."