GBP / USD - Again, Trying to Climb Off the Canvas at 1.57

4 February, 2013

GBP/USD for Monday, February 4, 2013

Its fall over the last couple of weeks from 1.5850 has seen it trade down below 1.57 to levels not seen since August last year.   It rallied solidly during the last week only to finish the week in a slump and strong fall resulting in a close below 1.57 again.   Over the last month or so, the Cable has met excess supply around 1.63 and 1.6150 as both of these levels have become strong resistance levels forcing the price away and back below 1.60. This fall has continued down to the key 1.5850 level which temporarily halted the decline for a few days only to see the Cable continue lower.   Over the bigger picture, the Cable has now traded within a wide range of 6 cents over the last four months or so, as these levels continue to play a role every time the price approaches one of them.

Also over the last month or so, the Cable has displayed interesting price action as it has firmly established some key levels 150 pips from each other. These levels are at 1.63, 1.6150, 1.60, 1.5850 and most recently 1.57. Over the course of the last few weeks, the Cable has fallen sharply from levels not seen for about 15 months up near 1.64.    Does the GBP/USD have another strong rally left in it to bounce off 1.57 again and move back to the key 1.5850 level?

(Daily chart / 4 hourly chart below)


Source link  
GBP / USD - Trying to Rally Back to 1.5850

Over the last couple of days, the GBP/USD has rallied well after finding some support around 1.5650 and 1.57 which has been able to temporarily halt the strong fall. Over the last month, the Cable has steadily slid lower below 1.57 from near 1.64...

USD/JPY - Stocks rises as BOJ

They say that how much a man is loved can be seen by the number of people who mourn at his death. If that is the benchmark, BOJ's current Governor Masaaki Shirakawa will be feeling lonely even though Valentine's day is just round the corner...

NZD / USD - Record Dec Trade Surplus

New Zealand published its largest Dec Month trade surplus since 1991. This appears to be good news prima facie, but when we read the fine prints, it turned out that exports has fallen, while imports has fallen even harder resulting in this record...


GBP / JPY Technicals - Head and Shoulders pattern forming/formed

Weakness in the rally of GBP/JPY seen? Streak of Higher Highs and Higher Lows have been broken, with prices in the process of forming the right shoulder of the Head and Shoulders pattern (marked by black labels)...

EUR / USD - 1.34 Pushes Away Yet Again

In the last 24 hours, we have seen the Euro push higher again however it has yet again been pushed away by excess supply anywhere near the key 1.34 level. It has continued to trade within a narrow range and up until the last day, it had sat right on top of the key support level at 1.33...

EUR / USD - Continues to Loiter at 1.33

There isn't much more to report with the Euro since 24 hours ago. It continues to trade within a narrow range and sit right on top of the key support level at 1.33. Over the last few days, the Euro has been placing pressure on the key 1.33 level which has been able to hold up reasonably well so far...


EUR / USD - Lacking Direction

Over the last few days, the Euro has been placing pressure on the key 1.33 level which has been able to hold up reasonably well so far. Just prior to this, the Euro ran into a brick wall of supply at 1.34 which was a previous resistance level earlier last year...

EUR / USD - Continuing to Bounce Between 1.33 and 1.34

As expected, last week the Euro has run into a brick wall of supply at 1.34 which was a previous resistance level earlier last year. A couple of weeks ago, the Euro finished the week very strongly surging up through the resistance level at 1.33 that had established itself over the last month or so...

EUR / USD – Returning to its Other Friend at 1.34

As expected, within the last week the Euro has run into a brick wall at 1.34 which was a previous resistance level earlier last year. In doing so however, this pushed the Euro up into territory not seen in nine months...

  


Share: