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14 Nov 2013
GBP/USD wipes out gains; back at 1.6059
FXstreet.com (Chicago) - GBP/USD continues moving down despite rally that sent the pair to the 1.61 zone. In the afternoon of the American trading session after the strengthening of the greenback on Yellen’s comments, the pound weakens and wipes out all daily gains.
Price action reveals the pair extends bearish channel after reaching 1.6103 tops. Still positive for the day, hourly charts display the wiping of most gains obtained throughout the Asian and European sessions.
GBP/USD Technical Levels
Technically speaking, the pair is offered at 1.6058 and oscillates between the supports aligned at 1.6018 (November 11th highs), 1.5951 (November 8th lows) ahead of 1.5916 (November 1st lows) and the resistances aligned at 1.61 (November 8th highs), 1.6141 (October 24th lows) followed by 1.62 (October 28th highs). The FXstreet.com trend index reports the pair as strongly bullish on one-hour timeframe analysis navigating above the EMA20.
Price action reveals the pair extends bearish channel after reaching 1.6103 tops. Still positive for the day, hourly charts display the wiping of most gains obtained throughout the Asian and European sessions.
GBP/USD Technical Levels
Technically speaking, the pair is offered at 1.6058 and oscillates between the supports aligned at 1.6018 (November 11th highs), 1.5951 (November 8th lows) ahead of 1.5916 (November 1st lows) and the resistances aligned at 1.61 (November 8th highs), 1.6141 (October 24th lows) followed by 1.62 (October 28th highs). The FXstreet.com trend index reports the pair as strongly bullish on one-hour timeframe analysis navigating above the EMA20.