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19 Aug 2013
GBP/USD edges higher, attempting to overcome overbought signals
FXstreet.com (New York) - The GBP/USD foreign exchange rate tried unsuccessfully to make a run towards the 1.5700 region Monday (1.5675 session high), however the pair has held onto its gains during US trading.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD moved to the upside and is currently trading above 88.6% correction at 1.5645, as stability above this level is positive. Momentum indicators are still showing overbought signals, but attempting to stabilize above 1.5645 will force us to ignore these signals. Linear Regression Indicators are positive supporting these expectations.”
GBP/USD technical levels
The GBP/USD has now eased slightly to 1.5658 during US trading, still securing a gain of +0.22% thus far. Technically speaking, the GBP/USD will face resistance should a climb reach 1.5680, onto 1.5709, and 1.5723. On the decline, supportive means will trigger at 1.5608, ahead of 1.5595.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD moved to the upside and is currently trading above 88.6% correction at 1.5645, as stability above this level is positive. Momentum indicators are still showing overbought signals, but attempting to stabilize above 1.5645 will force us to ignore these signals. Linear Regression Indicators are positive supporting these expectations.”
GBP/USD technical levels
The GBP/USD has now eased slightly to 1.5658 during US trading, still securing a gain of +0.22% thus far. Technically speaking, the GBP/USD will face resistance should a climb reach 1.5680, onto 1.5709, and 1.5723. On the decline, supportive means will trigger at 1.5608, ahead of 1.5595.