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GBPUSD: Bear Threat Halts Medium Term Bullish Momentum

25.05.12

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Source: Forexrazor

Forex: GBP/USD back above 1.5800

25.05.12

FXstreet.com (Córdoba) - The Mash managed to bounce back above the 1.5800 acquit oneself against the Greenback after hitting a 10-day low of 1.5781 on the back of weaker-than-expected UK PMI and weighed by deterioration in jeopardy sentiment. UK service sector PMI came in at 53.8 in February, below economists' foresight of 54.8 and below the 56.0 reading the foregoing month. From a technical view, Peter A Rosenstreich, analyst at Swissquote Bank SA, commented that the bullish momentum in GBPUSD is indubitably waning, causing the price to dip back in downtrend trench a couple in the past 24 hours. "If the bulls can restore, next resistance comes into play at 1.5828 (downtrend medium ceiling), then 1.5992 (1st & 9th Feb high)". "Should the reported short-term correction pick up additional sellers, the next pillar is located at 1.5770 (14th Feb high). Below that is the bull-headed barrier of support around 1.5645, we should get cordial with a return to sub-1.5600 levels. Then await for supports to come into play at 1.5516 (6th Jan luxurious & 23rd Jan reaction low), 1.5533 (24th Jan low), and 1.5517 (23rd Jan low)", said the analyst.

Source: NASDAQ