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5 Jun 2013
GBP/USD notching fresh session highs at 1.5363/71
FXstreet.com (Barcelona) - The GBP/USD sailed higher to establish fresh intraday highs during European trading, helped in part by the recent release of upbeat economic data out of the UK.
In the United Kingdom, the Markit Services PMI (May) came in at 54.9, exceeding projections that called for 53.0, and up from 52.9 previously. At the time of writing, the GBP/USD is now operating steadfastly at 1.5363/71, up +0.35%.
Following a break above the 1.5334 resistance, Mataf.net analysts point to additional measures of correction for GBP/USD at 1.5373, onto 1.5404. Conversely, a movement lower will instigate the testing of supports at 1.5265, ahead of 1.5235 and 1.5196.
According to the Technical Analyst Team at ICN.com, “The linear regression indicator 34 became positive accompanied by stabilizing above 50% correction at 1.5305, thus supporting the possibility of extending the bullish wave to retest 61.8% correction at 1.5375 – 1.5380. Breaching 61.8% correction might trigger another push to the upside towards 78.6% correction residing around 1.5480.”
In the United Kingdom, the Markit Services PMI (May) came in at 54.9, exceeding projections that called for 53.0, and up from 52.9 previously. At the time of writing, the GBP/USD is now operating steadfastly at 1.5363/71, up +0.35%.
Following a break above the 1.5334 resistance, Mataf.net analysts point to additional measures of correction for GBP/USD at 1.5373, onto 1.5404. Conversely, a movement lower will instigate the testing of supports at 1.5265, ahead of 1.5235 and 1.5196.
According to the Technical Analyst Team at ICN.com, “The linear regression indicator 34 became positive accompanied by stabilizing above 50% correction at 1.5305, thus supporting the possibility of extending the bullish wave to retest 61.8% correction at 1.5375 – 1.5380. Breaching 61.8% correction might trigger another push to the upside towards 78.6% correction residing around 1.5480.”