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15 Apr 2013
Forex: GBP/USD holds support ahead of US session
FXstreet.com (Barcelona) - GBP/USD has help support above 1.5300 after declining overnight following soft Chinese economic data.
The pair made an early overnight session high at 1.5834, before declining sharply, and despite a small bounce, to 1.5340, the pair declined further, to post a low at 1.5303. The daily S2 level can be found at 1.5291, just below the psychologically round level, which has held support since last week. In the absence of any fundamental drivers during the morning economic calendar, eyes will be focus on the pending US session. Hourly MA´s are indicating a downside bias, and combined with a strong layer of support and little in the terms of momentum drivers, may see spot range. Hourly Stochastics are at 40 but moving without much conviction, while RSI is at 42 and flat.
The pair made an early overnight session high at 1.5834, before declining sharply, and despite a small bounce, to 1.5340, the pair declined further, to post a low at 1.5303. The daily S2 level can be found at 1.5291, just below the psychologically round level, which has held support since last week. In the absence of any fundamental drivers during the morning economic calendar, eyes will be focus on the pending US session. Hourly MA´s are indicating a downside bias, and combined with a strong layer of support and little in the terms of momentum drivers, may see spot range. Hourly Stochastics are at 40 but moving without much conviction, while RSI is at 42 and flat.