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15 Feb 2013
Forex: GBP/USD back above 1.5500, turns positive
The British pound managed to shrug off worse than expected UK retail sales and recovered from lows versus the greenback during the New York session, turning positive for the day.
GBP/USD had bottomed at a fresh 6-month low of 1.5460 but after a period of consolidation it gathered steam to push back above 1.5500 toward the 1.5540 zone. At time of writing, GBP/USD is trading around 1.5525, recording a 0.2% gain on the day.
As for technical levels, if the pair manages to break above the 1.5550 level (intraday high), next resistances are seen at 1.5580 (100-hour SMA) and 1.5600 (psychological level). On the other hand, loss of 1.5460 (Feb 15 low) would expose 1.5400(psychological level).
GBP/USD had bottomed at a fresh 6-month low of 1.5460 but after a period of consolidation it gathered steam to push back above 1.5500 toward the 1.5540 zone. At time of writing, GBP/USD is trading around 1.5525, recording a 0.2% gain on the day.
As for technical levels, if the pair manages to break above the 1.5550 level (intraday high), next resistances are seen at 1.5580 (100-hour SMA) and 1.5600 (psychological level). On the other hand, loss of 1.5460 (Feb 15 low) would expose 1.5400(psychological level).