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19 May 2015
GBP/USD downside crystallised on freak moves
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5508 with a high of 1.5671 and a low of 1.5445.
GBP/USD has been heavily offered over the past number of sessions from the psychological 1.58 handle amongst the increased volatility and larger moves of late.
The downside is threatening the bulls ascending trendline from last months 1.4600 territory while the greenback is staging a broad based recovery, helped along by the freak move in the euro who's catalyst was an impromptu release of a speech that was delivered, initially, in private from ECB Governing Council member Benoit Coeure to a London group and then was subsequently traded today in the markets when it was finally given out to the public, exacerbating the downside that was already commencing yesterday from 1.1420.
The ECB member explained that the ECB will increase the pace of buying under the quantitative-easing plan in May and June.This in turn dragged cable down along with it. GBP/USD is now technically well below the 200 day ma at 1.5596 here and although the relief rally has taken us back on to the 1.55 handle, the downside has simply been crystallised on this move and post a phase of consolidation, support at 1.5400/18 looks key being the recent uptrend post 7-11th May consolidation. A close below here should confirm the bear trend, pointing towards the cloud support at 1.5059.
GBP/USD has been heavily offered over the past number of sessions from the psychological 1.58 handle amongst the increased volatility and larger moves of late.
The downside is threatening the bulls ascending trendline from last months 1.4600 territory while the greenback is staging a broad based recovery, helped along by the freak move in the euro who's catalyst was an impromptu release of a speech that was delivered, initially, in private from ECB Governing Council member Benoit Coeure to a London group and then was subsequently traded today in the markets when it was finally given out to the public, exacerbating the downside that was already commencing yesterday from 1.1420.
The ECB member explained that the ECB will increase the pace of buying under the quantitative-easing plan in May and June.This in turn dragged cable down along with it. GBP/USD is now technically well below the 200 day ma at 1.5596 here and although the relief rally has taken us back on to the 1.55 handle, the downside has simply been crystallised on this move and post a phase of consolidation, support at 1.5400/18 looks key being the recent uptrend post 7-11th May consolidation. A close below here should confirm the bear trend, pointing towards the cloud support at 1.5059.