GBPUSD Technical Analysis Update – March 5th 2013
- The GBPUSD currency pair found support around the 1.5000 handle psychological level during the European trading session today (March 4th). Pound/dollar has subsequently moved as high as 1.5116 and formed an inside day candle after bottoming out at 1.4998.
- Positive sentiment towards the greenback has gained momentum over recent weeks and sterling has been under significant pressure.
- Fibonacci retrace confluence levels can be found in the following areas and could potentially come into play on any sustained move higher:
- 1.5312 is a 23.6% and 38.2% confluence area.
- 1.5514 is a 61.8% and 38.2% confluence area.
- Further to this we note the following technical areas of interest:
- 1.5220 – 1.5233 zone (13/1/12 low and 28/2/13 high respectively).
- The 1.5280 previous support level.
- The 1.5500 psychological level.
- Any move lower once again has us monitoring the 1.5000 handle psych level.
- EURUSD has likewise formed an inside day and is currently trading at 1.3025 after dropping as low as 1.2981 intra-day. The USDX has edged lower today but is still trading within Friday’s range at 82.17.
Nick Simpson, Forex-FX-4X.com