{"id":22954,"date":"2011-05-03T10:45:59","date_gmt":"2011-05-03T14:45:59","guid":{"rendered":"http:\/\/www.forexyard.com\/blog\/en\/?p=14157"},"modified":"2011-05-03T10:45:59","modified_gmt":"2011-05-03T14:45:59","slug":"fx-technical-analysis-gbpusd","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/05\/03\/fx-technical-analysis-gbpusd\/","title":{"rendered":"FX Technical Analysis \u2013 GBP\/USD"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/profile-pics\/9.jpg\" width=\"120\"  alt=\"printprofile\" \/><\/p>\n<p>Following today\u2019s release of disappointing <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2011\/05\/03\/euro-showing-signs-of-weakness-pound-tumbles\/\">UK Manufacturing PMI<\/a> data, Sterling sold off sharply. Traders should be looking for a technical retracement to reenter at better levels.<\/p>\n<p><span id=\"more-14157\"><\/span>Looking at the daily chart for the GBP\/USD, Sterling was sold today and looks to have found support near the 20-day moving average at 1.6460. Today\u2019s daily low came in at 1.6466. <\/p>\n<p>The support level at 1.6430 could be an area of interest for technical analysts. This price level coincides with the late April low and a 38.2% Fibonacci retracement of the April move higher. Below this key area further support is found at the mid-April low of 1.6165, followed by the rising trend line off of the May 2010 lows which comes in today at 1.5970. <\/p>\n<p>To the upside, the mid-April high at 1.6600 may prove to be resistive if only temporary. Traders should initially target a return to last week\u2019s high at 1.6745, followed by the November 2009 high at 1.6875 and the 2009 high at 1.7042.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/05\/GBPUSD_Daily.JPG\" alt=\"GBPUSD_Daily\" title=\"GBPUSD_Daily\" width=\"656\" height=\"578\" class=\"alignnone size-full wp-image-14158\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Following today\u2019s release of disappointing UK Manufacturing PMI data, Sterling sold off sharply. Traders should be looking for a technical retracement to reenter at better levels.<br \/>\nLooking at the daily chart for the GBP\/USD, Sterling was sold today a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-22954","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=22954"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22954\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=22954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=22954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=22954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}