Long USD profit-taking loses steam, prompting fresh GBP/USD selling. Bears back in control, looks to test half-yearly lows just below 1.3300. The USD bulls are seen fighting back control, now pushing the GBP/USD pair back towards six-month lows of 1.3295, as the rebound faltered near 1.3340 region. GBP/USD vulnerable amid holiday-thinned light trading The spot extended the Asian recovery from multi-month troughs in a bid to test the 1.3350 barrier in early Europe. However, fresh sellers jumped in near the last on the European open, as the greenback stalled its long profit-taking slide and regained the 94 handle across its main competitors. In the Asian trades, Cable dropped to the lowest levels in six-months after the US dollar tumbled on the back of a sharp rebound in the EUR/USD pair, following the rejection of the anti-Euro economy minister by the Italian President. In the day ahead, the pair will continue to get influenced by the USD dynamics and broader market sentiment as the UK and US markets remain closed today in observance of their respective national holidays. GBP/USD Technical Levels Haresh Menghani, Analyst at FXStreet, notes: Looking at the technical picture, the pair has been trending lower within a short-term descending trend-channel formation on the one-hourly chart. Hence, any subsequent up-move beyond mid-1.3300s is likely to be capped at the trend-channel hurdle, currently near the 1.3400 handle. A convincing breakthrough the mentioned barrier might now trigger a short-covering bounce and lift the pair further towards an important support break-point, now turned resistance near the 1.3465-70 region.” “On the flip side, the 1.3300 handle might continue to protect the immediate downside, which if broken decisively now seems to accelerate the fall towards the trend-channel support, currently near the 1.3235 region,” Haresh adds. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY closes weekly bullish gap, back below mid-109.00s FX Street 5 years Long USD profit-taking loses steam, prompting fresh GBP/USD selling. Bears back in control, looks to test half-yearly lows just below 1.3300. The USD bulls are seen fighting back control, now pushing the GBP/USD pair back towards six-month lows of 1.3295, as the rebound faltered near 1.3340 region. GBP/USD vulnerable amid holiday-thinned light trading The spot extended the Asian recovery from multi-month troughs in a bid to test the 1.3350 barrier in early Europe. However, fresh sellers jumped in near the last on the European open, as the greenback stalled its long profit-taking slide and regained the 94 handle across its… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
