16 Jul 2013
GBP/USD stable above 1.51 ahead of UK&US CPI's
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last trading at 1.5105, unchanged for the week so far, ahead of both key UK CPI at 08:30 GMT and US CPI at 12:30 GMT.
GBP/USD near term low established
"A combination of weaker U.S. data and a pickup in UK inflation has us favoring additional pound/$ strength in the days ahead,” said Jonathan Eliasof, Principal at Pattern Traders Ltd., adding: “Last week's double bottom formation near the 61.8% fib tells us that a near-term low has been established.”
GBP/USD key technical levels
Immediate support to the downside for Cable lies at Friday's lows 1.5075, followed by yesterday's fresh weekly lows at 1.5027, and July 09 highs at 1.4990. To the upside, closest resistance shows at recent session highs 1.5118, followed by early Monday's Asian session weekly highs at 1.5140, and June 28 lows at 1.5160.
GBP/USD near term low established
"A combination of weaker U.S. data and a pickup in UK inflation has us favoring additional pound/$ strength in the days ahead,” said Jonathan Eliasof, Principal at Pattern Traders Ltd., adding: “Last week's double bottom formation near the 61.8% fib tells us that a near-term low has been established.”
GBP/USD key technical levels
Immediate support to the downside for Cable lies at Friday's lows 1.5075, followed by yesterday's fresh weekly lows at 1.5027, and July 09 highs at 1.4990. To the upside, closest resistance shows at recent session highs 1.5118, followed by early Monday's Asian session weekly highs at 1.5140, and June 28 lows at 1.5160.