GBP/USD, downside contained at 1.5405

FXstreet.com (Barcelona) – Pound’s retreat from week highs at 1.5625/45 extended over the Asian session to levels below 1.5435 support, to find support at 1.5405, one-week low, and bounce up on early London session, reaching 1.5460 so far.

On the upside, resistance levels lie at 1.5475 (session high) and above here, 1.5550/65 (Jan 5 highs) and 1.5665 (Dec 31 high). Support levels are 1.5405 (session low), and below here 1.5345 (Dec 28 low) and then 1.5295 (Sept 7 low).

Breach of 1.5435 support increased pressure over the 200-day MA, acting as support now, which according to Slobodan Drvenica, technical analyst at Windsor Brokers Ltd, would open the path towards 1.5343: “Break below near-term supports at 1.5445/33 and attempt through 1.5413, 200 day MA, weakness from 1.5552 and turns focus towards 1.5343, key near-term support, break of which will look for retest of 1.5295, 07 Sep 10 pivot, with possible break here to open way for further retracement of upleg from 1.4230.”

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