Forex: GBP/USD trading negatively at 1.5749/50

The GBP/USD has continued to trade in the red Tuesday, following a reversal that started off of its European highs (1.5806). Subsequently, the pair lost its grip on the 1.5800 level, bleeding nearly 50 pips in the process to trade at 1.5749/50 in these moments.

“Trading above 1.5680 levels triggers new possibilities to the upside, while stability above 1.5825 levels might even extend bullishness during the next few days, while breaking the 1.5680 levels might cancel any intraday possibility to the upside.” warns the ICN.com Analyst Team.

At the time of writing the GBP/USD is incurring a loss of -0.08% on the day. ICN.com analysts point to supportive means at 1.5720, 1.5680, and 1.5635. Conversely, a break above the 1.5800 barrier and psychological resistance will result in the testing of additional measures of correction at 1.5825 and 1.5880.

Feb 5, 2013

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