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16 Jul 2013
GBP/USD easing from highs
FXstreet.com (Barcelona) -The sterling already digested the higher inflation figures and is extending its correction higher on Tuesday, with the GBP/USD testing the upper end of the range around 1.5120/25.
GBP/USD looks to the BoE minutes
Traders are gradually shifting their focus to tomorrow’s BoE minutes and the ILO unemployment rate, expected to remain at 7.8% in the three months ended in May. According to Camilla Sutton, Strategist at Scotiabank, the near term outlook for the pair remains bearish “but momentum has been lost and technicals are warning of a shift into buy territory. In addition, two days of doji suggests there is indecision in the market”.
GBP/USD tech levels
As of writing the pair is up 0.07% at 1.5112 with the next resistance at 1.5143 (high Jul.16) followed by 1.5173 (38.2% of 1.5753-1.4814) and then 1.5222 (high Jul.11). On the downside, a violation of 1.5028 (low Jul.15) would clear the way to 1.5018 (50% of 1.4814-1.5222) and then 1.5000 (psychological level).
GBP/USD looks to the BoE minutes
Traders are gradually shifting their focus to tomorrow’s BoE minutes and the ILO unemployment rate, expected to remain at 7.8% in the three months ended in May. According to Camilla Sutton, Strategist at Scotiabank, the near term outlook for the pair remains bearish “but momentum has been lost and technicals are warning of a shift into buy territory. In addition, two days of doji suggests there is indecision in the market”.
GBP/USD tech levels
As of writing the pair is up 0.07% at 1.5112 with the next resistance at 1.5143 (high Jul.16) followed by 1.5173 (38.2% of 1.5753-1.4814) and then 1.5222 (high Jul.11). On the downside, a violation of 1.5028 (low Jul.15) would clear the way to 1.5018 (50% of 1.4814-1.5222) and then 1.5000 (psychological level).