Posts tagged ‘sterling’

February 17, 2012

GBP/USD selling pressure awaits at 1.5940/50

By charmner charts

The sterling has followed suit in yesterday’s session and jumped from the zone at 1.5670 to the proximities of 1.5820 on the upbeat news from Greece and the possibility of a swap in the ECB holdings of Greek bonds. Market sentiment shifted to risk-on trade after the first half of the session in Europe, where risk aversion has prevailed, propelling the high-yielders to session highs towards the sunset of the American trading hours.

In the view of C.Harmer, analyst at Charmer Charts, the 1.5820 level should hold well the bulls’ attempts, expecting some selling pressure to drag the cross back to 1.5725/1.5700

“Now, if we do break 1.5840 on the topside we should be able to carry on higher with 1.5880 to 1.5910….If above 1.5910 we see 1.5940/50 but this should be the top and we would expect some strong selling pressure here”, she concluded.

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