Wed, Aug 5 2009, 16:43 GMT
http://www.fxstreet.com
Fxstreet.com (Barcelona) – After finding support at 1.6930, (MA55 hourly chart) coming from its 115 pips decline from 1.7045, fresh 2009 high, Cable has begun to rise to trade above 1.7000 level, close to 1.7030 level.
Currently, GBP/USD is trading around 1.7005/15, 0.35% above today's opening price. Pair has resumed its advance from 1.6340, July 30 low.
Valeria Bednarik, FXstreet.com collaborator, comments: “Pair is break above previous consolation range and despite over bought bullish strength intact: above today’s high of 1.7040 next resistances come at the 1.7070 zone, and above the strong 1.7120 area, technical target for the horizontal channel break. Corrections should remain limited as bigger time frames20 SMA slope support further rises.”
Bednarik provides us with her levels: “Resistance levels: 1.7040 1.7070 1.7120. Support levels: 1.6965 1.6910 1.6860.”
GBP/USD (Aug 05 at 17:50 GMT)
1.7022/24 (0.53%) H 1.7043 L 1.6898
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