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22 Feb 2013
Forex: GBP/USD consolidates around 1.5250
After two attempts of recovery were capped by the 1.5315/17 zone, GBP/USD was confined to a phase of consolidation. With the downside contained by the 1.5240 zone, the pair has spent the last hours hovering inside a narrow range around 1.5250/60 where it trades virtually unchanged since opening.
However, GBP/USD is on track to post its second weekly loss in a row, having dropped over 250 pips, or 1.6%, since Monday opening.
From a technical view, "Near-term price action holds positive tone, as the pair attempted again at session highs and Fib 61.8% at 1.5320, with price being congested within 1.5250 and 1.5320 range", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "From the other side, still weak 4h studies, along with 20 day EMA limiting recovery, see not much upside potential for now, but weekly close above previous strong support and multi-year range floor at 1.5230/60 zone, would keep near-term bulls off 1.5130 in play".
However, GBP/USD is on track to post its second weekly loss in a row, having dropped over 250 pips, or 1.6%, since Monday opening.
From a technical view, "Near-term price action holds positive tone, as the pair attempted again at session highs and Fib 61.8% at 1.5320, with price being congested within 1.5250 and 1.5320 range", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "From the other side, still weak 4h studies, along with 20 day EMA limiting recovery, see not much upside potential for now, but weekly close above previous strong support and multi-year range floor at 1.5230/60 zone, would keep near-term bulls off 1.5130 in play".