NFXStreet notes that GBP/USD extends its rejection of 1.2817 – the 78.6% retracement of the fall from last December – and analysts at Credit Suisse stay biased lower with support seen at 1.2535/33, then 1.2482/79 before a test of the 55-day average at 1.2409.
“Support is seen at 1.2535/33 initially – the 38.2% retracement of the rally from mid-May – below which can keep the immediate risk lower with support then seen next at 1.2501 and then 1.2482/79 – the 23.6% retracement of the entire uptrend from the March low. Whilst we think this holds at first, we look for a break below here also to see a test of the 55- day average, currently at 1.2409. With the uptrend from March not far below at 1.2384, we look for better support here.”
“Resistance is seen at 1.2619/21 initially then 1.2663, with the 200-day average and price resistance at 1.2685/92 ideally capping to keep the immediate risk lower.”
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2021 Teletrade-DJ International Consulting Ltd
Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.
The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.