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17 Sep 2013
GBP/USD in wait and see mode?
FXstreet.com (London) - GBP/USD had jumped to 1.5965 from a gap in the charts on the open in markets this week but has since lost its form, currently trading at 1.5903, waiting for key events tomorrow.
UK data disappointed bulls in Europe today with CPI’s lower than expected. Emmanuel Ng, FX Strategist at OCBC sights the range for GBP/USD. “As noted previously, the recent string of domestic data surprises have also provided a foundation for sterling resilience. In the near term, expect some consolidation around current levels pending further global cues with the pair seen in a 1.5800-1.6000 range”. Overall, there has been a dollar weakness story so far with Larry Summers’ news. Next up, FOMC tomorrow and market may remain in wait and see mode until then.
GBP/USD levels
Indicators suggest momentum has slowed down. The 20 DMA is 1.5645, the 50 DMA is 1.5452 and the 200 DMA is 1.5487. Supports are ascending from 1.5819, 1.5835, 1.5869 and 1.5885. Spot is currently 1.5904 while resistances are 1.5920, 1.5937, 1.5970, 1.5992, 1.6010, 1.6040 and 1.6080.
UK data disappointed bulls in Europe today with CPI’s lower than expected. Emmanuel Ng, FX Strategist at OCBC sights the range for GBP/USD. “As noted previously, the recent string of domestic data surprises have also provided a foundation for sterling resilience. In the near term, expect some consolidation around current levels pending further global cues with the pair seen in a 1.5800-1.6000 range”. Overall, there has been a dollar weakness story so far with Larry Summers’ news. Next up, FOMC tomorrow and market may remain in wait and see mode until then.
GBP/USD levels
Indicators suggest momentum has slowed down. The 20 DMA is 1.5645, the 50 DMA is 1.5452 and the 200 DMA is 1.5487. Supports are ascending from 1.5819, 1.5835, 1.5869 and 1.5885. Spot is currently 1.5904 while resistances are 1.5920, 1.5937, 1.5970, 1.5992, 1.6010, 1.6040 and 1.6080.