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Forex: GBP/USD tests 1.5900 level

By FXstreet.com,  September 04, 2012, 03:16:00 AM EDT

FXstreet.com (Barcelona) - The GBP/USD has been trading markedly higher during European trading Tuesday, as the pair is currently testing the 1.5900 level in these moments, which constitutes a +0.06% gain on the day. Investor attention will be focused on a series of data releases today, including the Construction PMI (August) in the UK, and the highly anticipated ISM Manufacturing PMI (August) in the United States.

According to the technical analyst team at ICN.com, "The pair remains trapped within a very tight range following the past Friday's upside actions as seen on the provided daily charts. The stochastic positivity on has yet to assist traders in sending the GBP/USD higher above 61.8% Fibonacci retracement and thus, we remain neutral over intraday basis. On the other hand, coming below 1.5780 will threaten the recently created floor at 1.5740."

Briefing the technical levels, ICN.com analysts calculate the pair's next resistance at 1.5905, then 1.5925, and finally 1.5950. Conversely, a break below 1.5850 will trigger supports at 1.5820 and 1.5780.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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