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22 Feb 2013
Forex: GBP/USD spikes to key 1.5320 resistance
In a rather unusual move, the British Pound has just exploded higher over 60 pips breaking resistance at 1.5270 to find its session peak at 1.5320. The spike comes after buyers emerged off 1.5130 lows, negating further follow through to an otherwise strong US Dollar, which recorded substantial gains against the Euro, for example.
Valeria Bednarik, chief analyst at FXstreet.com, notes: "A correction higher sees 1.5320 area as primary selling zone. Back below 1.5200 on the other hand, should deny any possibility of extending higher and see price looking for fresh lows" she said. The resistance at 1.5320 has also the confluence of the 20-EMA on the H4 chart crossing at the exact same level.
There has been no news reported that account for the rise in the British Pound.
Valeria Bednarik, chief analyst at FXstreet.com, notes: "A correction higher sees 1.5320 area as primary selling zone. Back below 1.5200 on the other hand, should deny any possibility of extending higher and see price looking for fresh lows" she said. The resistance at 1.5320 has also the confluence of the 20-EMA on the H4 chart crossing at the exact same level.
There has been no news reported that account for the rise in the British Pound.