25 Jul 2013
GBP/USD is volatile
FXstreet.com (London) - GBP/USD is still bid despite better than expected US data yesterday and is volatile .
GBP/USD took a hit in NY, falling from 1.5355 to below the handle but has since recovered gradually throughput Asia into the European open. The last couple of hours of Asia had seen aggressive bids and we take the pair back to 1.5360. On Monday we saw UK data forJune Mortgage Approvals that came in slightly better than a previous 36.1K. Yesterday we had US data in the form of Markit Manufacturing PMI beating expectations at 53.2 vs 51.9 and New Home Sales (MoM) for June coming in at 0.497m vs 0.485m. The market awaits todays UK GDP data at 8.30GMT.
GBP/USD a mixed bag
Danske Bank’s Technical Update offers 20d ma at 1.5161, 50d ma at 1.5288, 200 d ma at 1.5580 and RSI (9) printing 63.91. Supports are 1.5270, 1.5280, 1.5297, and 1.5326 while at the time of writing Spot is 1.5355. Resistances are 1.539,7 1.5436, 1.5442, and 1.5480. Failures to the topside will bring about the bear’s attentions to the 1.5270 accelerated uptrend and support area. A close here is required below to alleviate the upside pressure and avert continued gains.
GBP/USD took a hit in NY, falling from 1.5355 to below the handle but has since recovered gradually throughput Asia into the European open. The last couple of hours of Asia had seen aggressive bids and we take the pair back to 1.5360. On Monday we saw UK data forJune Mortgage Approvals that came in slightly better than a previous 36.1K. Yesterday we had US data in the form of Markit Manufacturing PMI beating expectations at 53.2 vs 51.9 and New Home Sales (MoM) for June coming in at 0.497m vs 0.485m. The market awaits todays UK GDP data at 8.30GMT.
GBP/USD a mixed bag
Danske Bank’s Technical Update offers 20d ma at 1.5161, 50d ma at 1.5288, 200 d ma at 1.5580 and RSI (9) printing 63.91. Supports are 1.5270, 1.5280, 1.5297, and 1.5326 while at the time of writing Spot is 1.5355. Resistances are 1.539,7 1.5436, 1.5442, and 1.5480. Failures to the topside will bring about the bear’s attentions to the 1.5270 accelerated uptrend and support area. A close here is required below to alleviate the upside pressure and avert continued gains.