GBP/USD: technical analysis – August 3, 2012

The pound is still consolidating and moving broadly sideways. Yesterday’s spike-down means the exchange rate has hit its range lows. It is currently beginning a recovery rally although the 50-day MA is resisting. A move above 1.5620 could open the way to a rally back up to the range highs at 1.5770. A break below the 1.5458 lows could lead to a re-touch of the lower boundary of the multi-month triangle at 1.5400.

Written by Forex4you