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9 Sep 2013
GBP/USD gives in to lose 1.57 front
FXstreet.com (Chicago) - GBP/USD consolidates on downward channel after reaching 2-month peaks above the 1.5720 zone. The pair erases earlier gains partially ahead of the American trading session closing.
The most US data released was the consumer credit change at $10.44B vs. $12.5B expectations and previous $11.92B. Price action reveals a strong resistance (three failed break through attempts) around 1.5731 and a steady retracement as the dollar strengthens prior to Wall Street’s closing bell. Offered at 1.5698, the pair oscillates between supports at 1.5694 (August 20th highs), 1.5659 (August 15th highs) ahead of 1.56 (September 3rd highs) and resistances at 1.5739 (June 13th highs), 1.5775 (February 10th highs) followed by 1.5813 (February 12th highs). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis and is offered above the EMA20.
The most US data released was the consumer credit change at $10.44B vs. $12.5B expectations and previous $11.92B. Price action reveals a strong resistance (three failed break through attempts) around 1.5731 and a steady retracement as the dollar strengthens prior to Wall Street’s closing bell. Offered at 1.5698, the pair oscillates between supports at 1.5694 (August 20th highs), 1.5659 (August 15th highs) ahead of 1.56 (September 3rd highs) and resistances at 1.5739 (June 13th highs), 1.5775 (February 10th highs) followed by 1.5813 (February 12th highs). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis and is offered above the EMA20.