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16 Aug 2013
GBP/USD posts fresh 8-week highs shy of 1.5650
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last quoted at 1.5639, off recent fresh 8-week highs at 1.5651, up +0.90% for the week so far, following a good string of positive UK data along the week, and disappointing US data including both manufacturing indexes released today.
GBP/USD overbought in the short term
“Pounds stands again as the overall winner this Thursday, trading at its highest level in near two months, and quickly approaching 1.5750 past June high,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Overbought in the short term, the bullish bias is quite strong in the pair, suggesting little room for retracements before buyers jump back in: former highs around 1.5600 are now the level to watch to the downside. In the 4 hours chart, indicators support the short term bullish bias, heading back north after a limited correction lower.”
GBP/USD key technical levels
Bednarik sees support levels at: 1.5635, 1.5600 and 1.5570, while resistance levels at: 1.5650, 1.5690 and 1.5720.
GBP/USD overbought in the short term
“Pounds stands again as the overall winner this Thursday, trading at its highest level in near two months, and quickly approaching 1.5750 past June high,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Overbought in the short term, the bullish bias is quite strong in the pair, suggesting little room for retracements before buyers jump back in: former highs around 1.5600 are now the level to watch to the downside. In the 4 hours chart, indicators support the short term bullish bias, heading back north after a limited correction lower.”
GBP/USD key technical levels
Bednarik sees support levels at: 1.5635, 1.5600 and 1.5570, while resistance levels at: 1.5650, 1.5690 and 1.5720.