FXstreet.com (Barcelona) - The sterling is inching higher on Tuesday, as sentiment around the GBP is improving, pushing the cross to levels shy of 1.6270 as of writing.
According to I.Spivak, analyst at DailyFX, “prices continue to stall ahead of resistance in the 1.6259-1.6300 area, marked by the late April swing top. Initial support stands at a falling trend line set from April 2011, now at 1.6121. A break below that exposes the 76.4% Fibonacci retracement at 1.6057. Alternatively, a push above resistance targets the 1.65 figure and the 123.6% extension at 1.6544”.
At the moment, the cross is up 0.23% at 1.6259 with the next hurdle at 1.6310 (high Sep.21, 2012) ahead of 1.6335 (high Aug.31 2011) then 1.6379 (Upper Bollinger) and 1.6455 (high Aug.29 2011).
On the flip side, a breakdown of 1.6208 (MA10d) would open the door to 1.6181 (low Sep.24) then 1.6145 (low Sep14) and 1.6065 (low Sep.12).
According to I.Spivak, analyst at DailyFX, “prices continue to stall ahead of resistance in the 1.6259-1.6300 area, marked by the late April swing top. Initial support stands at a falling trend line set from April 2011, now at 1.6121. A break below that exposes the 76.4% Fibonacci retracement at 1.6057. Alternatively, a push above resistance targets the 1.65 figure and the 123.6% extension at 1.6544”.
At the moment, the cross is up 0.23% at 1.6259 with the next hurdle at 1.6310 (high Sep.21, 2012) ahead of 1.6335 (high Aug.31 2011) then 1.6379 (Upper Bollinger) and 1.6455 (high Aug.29 2011).
On the flip side, a breakdown of 1.6208 (MA10d) would open the door to 1.6181 (low Sep.24) then 1.6145 (low Sep14) and 1.6065 (low Sep.12).
