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2 Aug 2013
GBP/USD holds 1.5100
FXstreet.com (Barcelona) - GBP/USD has been testing the downside through 1.5100 printing a low of 1.510 overnight and making a low on the London open of 1.5107.
GBP/USD is offered after a wave of positive US data of late that was restoring faith back into Fed tapering. The pair was losing over 154 pips from Wednesday – Thursday (post a nervous FOMC). However, it has not been a straight run for the dollar, as the FOMC disappointed with a more dovish tone and some concerns coming out around inflation and housing sector. But the data proved bullish and this just shows how sensitive the market is being to the flows of US numbers. It is very much a dollar story of late, and with the BoE simply leaving things on hold without an accompanying statement, until next weeks inflation report, traders are exiting Sterling. Up ahead today we have US Non Farm Payrolls in the spotlight as the main event on the calendar.
GBP/USD downside bias and levels
GBP/USD is trading heavily to the downside with the bias for further losses, with momentum indicators continuing to support the bear’s incentives. Further losses through 1.5100 support direction en route to the May low, 1.5015 and targets 1.4854 and 1.4832 support areas. 20 d ma1.5184, 50 d ma 1.5303, 200 d ma 1.5553 RSI (9) reads 37.23. Near term supports are ascending 1.4982 1.5015, 1.5051, 1.5080. Spot is currently 1.5108. Resistances are 1.5170, 1.5215, 1.5255, and 1.5264.
GBP/USD is offered after a wave of positive US data of late that was restoring faith back into Fed tapering. The pair was losing over 154 pips from Wednesday – Thursday (post a nervous FOMC). However, it has not been a straight run for the dollar, as the FOMC disappointed with a more dovish tone and some concerns coming out around inflation and housing sector. But the data proved bullish and this just shows how sensitive the market is being to the flows of US numbers. It is very much a dollar story of late, and with the BoE simply leaving things on hold without an accompanying statement, until next weeks inflation report, traders are exiting Sterling. Up ahead today we have US Non Farm Payrolls in the spotlight as the main event on the calendar.
GBP/USD downside bias and levels
GBP/USD is trading heavily to the downside with the bias for further losses, with momentum indicators continuing to support the bear’s incentives. Further losses through 1.5100 support direction en route to the May low, 1.5015 and targets 1.4854 and 1.4832 support areas. 20 d ma1.5184, 50 d ma 1.5303, 200 d ma 1.5553 RSI (9) reads 37.23. Near term supports are ascending 1.4982 1.5015, 1.5051, 1.5080. Spot is currently 1.5108. Resistances are 1.5170, 1.5215, 1.5255, and 1.5264.