Wednesday, May 19, 2010
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GBP/USD retreat from 1.4520 high, threatens 1.4405 session low
Pound's recovery from 1.4250 low yesterday extended to levels right above Monday's high at 1.4510 after the release of better than expected UK inflation figures, and the pair reached 1.4520 session high to pullback afterwards, reaching levels close to 1.4405 session low.
On the downside, below 1.4405, the pair might find resistance at 1.4355 (intra-day support) and 1.4245 (May 17 low). On the upside, a bullish reaction from current levels would face resistance at 1.4510/20 (May 17 high/session high), and above here, 1.4630/40 (May 14 highs) and 1.4815 (May 12 low).
If the pair fails to break 1.4510/20 support, Stoyan Mihaylov, technical analyst at Deltastock.com foresees a slide towards 1.4300: "Still in the consolidation pattern above 1.4249 and since the upper boundary at 1.45+ is intact we still favor a slide towards 1.43+."