Back
26 Jun 2013
GBP/USD rebounding off 55d ma
FXstreet.com (London) - GBP/USD has started the European session on the pivot trading to the downside on the five minute chart and away from an overnight high of 1.5442 when it rebounded off the 55d ma.
GBP/USD data
GBP/USD will see a umber of data releases today, firstly coming from the UK. BoE Governor will be speaking at 930GMT when the Financial Stability report will be delivered simultaneously. The UK spending review comes in later at 11.30GMT while US data will begin to take the stage. At 12.30GMT, US GDP Q1 annulised arrives and will be in focus.
GBP/USD rallies capped at 1.5510/50
Karen Jones, analyst at Commerzbank noted that GBP/USD is currently seeing a small rebound from its 55 day moving average at 1.5382. She expects this to remain tepid and for near term rallies to remain capped 1.5510/1.5550 for an immediate downside bias to be maintained. She noted that last week the market sold off aggressively from 1.5752 and she continues to view this as an interim top for the market. She feels below 1.5345 will target the support line at 1.5073 and the base of the daily cloud at 1.5218 may offer support en route. She see’s key resistance remains the 1.5736/88 band – the recent high, the 61.8% retracement of this years move, the 200 week moving average.
GBP/USD data
GBP/USD will see a umber of data releases today, firstly coming from the UK. BoE Governor will be speaking at 930GMT when the Financial Stability report will be delivered simultaneously. The UK spending review comes in later at 11.30GMT while US data will begin to take the stage. At 12.30GMT, US GDP Q1 annulised arrives and will be in focus.
GBP/USD rallies capped at 1.5510/50
Karen Jones, analyst at Commerzbank noted that GBP/USD is currently seeing a small rebound from its 55 day moving average at 1.5382. She expects this to remain tepid and for near term rallies to remain capped 1.5510/1.5550 for an immediate downside bias to be maintained. She noted that last week the market sold off aggressively from 1.5752 and she continues to view this as an interim top for the market. She feels below 1.5345 will target the support line at 1.5073 and the base of the daily cloud at 1.5218 may offer support en route. She see’s key resistance remains the 1.5736/88 band – the recent high, the 61.8% retracement of this years move, the 200 week moving average.