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13 May 2013
Forex: GBP/USD remains capped by 1.5380
FXstreet.com (Córdoba) - The British pound erased intraday gains and continues to oscillate within a narrow range versus the greenback on Monday, as recovery attempts have found resistance at the 1.5380 zone.
GBP/USD slipped to retest daily lows around 1.5335 following better-than-expected US retail sales data, but bears lacked momentum to drag GBP/USD below that level, confining the cross to further consolidation. At time of writing, the pair is trading around 1.5345/50, where it is virtually unchanged since opening.
If the Cable breaks below 1.5335, next supports could be faced at 1.5315 (low May 10) and 1.5300 (psychological level). On the other hand, if GBP/USD manages to surpass the 1.5380 area, resistances are seen at 1.5405 (21-day SMA) and 1.5455 (high May 10).
GBP/USD slipped to retest daily lows around 1.5335 following better-than-expected US retail sales data, but bears lacked momentum to drag GBP/USD below that level, confining the cross to further consolidation. At time of writing, the pair is trading around 1.5345/50, where it is virtually unchanged since opening.
If the Cable breaks below 1.5335, next supports could be faced at 1.5315 (low May 10) and 1.5300 (psychological level). On the other hand, if GBP/USD manages to surpass the 1.5380 area, resistances are seen at 1.5405 (21-day SMA) and 1.5455 (high May 10).