Published: Mon, 18 May 2009 14:08:00 +0200

Forex: GBP/USD rises above 1.5300 and reaches 1.5315, fresh intra-day high

!--TITOL: h1Forex: GBP/USD rises above 1.5300 and reaches 1.5315, fresh intra-day highFITITOL--FXstreet.com (Barcelona) - Sterling is continuing with its recovery from intra-day low at 1.5115 and it has reached a fresh intra-day high at 1.5315 after rising 80 pips in the last hour from 1.5235. Currently the pair is consolidating above 1.5300, trading around 1.5295/1.5305, 0.90% above its today's opening price action.br /br /On a longer perspective, Mohammed Isah, technical analyst at FXTechstrategy, a href="http://www.fxstreet.com/technical/forex-strategy/daily-technical-strategist/2009-05-18.html"affirms that recovery from 1.3655 low continues/a: "Despite the fact that GBP weakened and closed lower the past week, as long as it continues to hold above its daily rising trendline and the 1.4986 level, threats remain to the upside for an eventual resumption of its ST uptrend. In such a case, the 1.5374 level, its Jan 08?09 high will be targeted ahead of the 1.5724 level, its Dec 17?09 high. Its weekly studies are bullish and trending higher supporting this view."br /br /On the hourly chart, resistance levels, above 1.5245 (May 11 and 14 high) lie at 1.5285 (may 15 high) and 1.5300. On the downside, support levels lie at intra-day low 1.5115 and below there, 1.5065 (April high) and 1.4950 (May 7 low).br /br /br /For more information, read our latest a href="http://www.fxstreet.com/news/forex-news/"forex news/a.div a href="http://feeds.fxstreet.com/~ff/news/forex-news?a=_OJmibkd6jk:h_vnH1Dlj6o:yIl2AUoC8zA"img src="http://feeds2.feedburner.com/~ff/news/forex-news?d=yIl2AUoC8zA" border="0"/img/a /div

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