A Brief overview of GBP/USD 30/08/2012

Today Binary GBP/USD increased around 40 pips in later European session. Cable moved slowly up before the opening of markets in United States. British pound topped the highest level since four days but several minutes after start of the American session cable dropper deeper. The accelerator of this fall was that Spain’s Prime Minister Mariano Rajoy said that his government would delay deciding whether to seek a sovereign bailout until the aid conditions are clear. Rajoy and French president Francois Hollande pressed the European Central Bank to implement decisions from a June to reduce borrowing costs in Spain and Italy as euro-area policy makers struggle to enact an emergency plan. British pound lose around 0.30% against the dollar and break below 1.5800. The support level that stopped the cable was 1.5780 for the moment. Break below this level could lead the price to next support levels around 1.5740 – 1.5750 witches are crucial for whole bullish trend from 1.5490. On upside first resistance is projected around previous support level 1.5810. Tomorrow all expectations are focused at the speech of Federal Reserve chairman Ben Bernanke in Jackson Hole that could take big effect on financial markets.

Source: binaryoption