7 Jun 2013
GBP/USD consolidates below 1.5600
FXstreet.com (Barcelona) - After yesterday’s steep upside to the boundaries of 1.5700, investors cashed up some gains and dragged the GBP/USD to the current area of 1.5590/95.
Next on tap in the UK docket will be the trade balance figures for the month of April following by the Consumer Inflation Expectations during the first quarter. “In this environment of global financial uncertainty, where the pound can do well given some safe-haven status, that cable's upside may stretch further. If GBP/USD can establish itself above 1.56, it could target 1.60 in the short term even if the longer term backdrop to the pound remains worrying”, noted Strategists Brian Martin and Amber Rabinov at ANZ.
As of writing the pair is down 0.12% at 1.5581 with the immediate support at 1.5384 (low Jun.6) followed by 1.5340 (MA100d) and finally 1.5301 (MA55d). On the flip side, a surpass of 1.5685 (high Jun.6) would expose 1/5690 (high Feb.13) and then 1.5707 (MA200d).
Next on tap in the UK docket will be the trade balance figures for the month of April following by the Consumer Inflation Expectations during the first quarter. “In this environment of global financial uncertainty, where the pound can do well given some safe-haven status, that cable's upside may stretch further. If GBP/USD can establish itself above 1.56, it could target 1.60 in the short term even if the longer term backdrop to the pound remains worrying”, noted Strategists Brian Martin and Amber Rabinov at ANZ.
As of writing the pair is down 0.12% at 1.5581 with the immediate support at 1.5384 (low Jun.6) followed by 1.5340 (MA100d) and finally 1.5301 (MA55d). On the flip side, a surpass of 1.5685 (high Jun.6) would expose 1/5690 (high Feb.13) and then 1.5707 (MA200d).