7 Nov 2013
GBP/USD aims to regain the 1.62 front
FXstreet.com (Chicago) - GBP/USD came back after strong fall shortly after the release of the BoE interest rate decision and the US GDP results along job market data.
At 0.5%, interests were maintained in England along with the BoE asset purchase facility at 375B. In the US, the GDP price index was 1.9% vs. expected 1.4% and prior 0.6%. The GDP annualized result was 2.8% vs. expected 2.0% and prior 2.5%. Initial jobless claims were 336K vs. expected 335K while the personal consumption expenditures prices were 1.9% vs. estimates at 2.0% and prior 2.4%.
GBP/USD Technical Levels
Price action reveals a strong comeback after fall to the 1.6010 session lows. An upward movement supported by the primary, secondary, short-term and intraday trends evidences heavy buying after the release of the data. Offered at 1.6091, the pair attempts to regain the 1.61 front and oscillates between the supports aligned at 1.6018 (October 29th lows), 1.5951 (November 5th lows) followed by 1.5916 (November 1st lows) and the resistances set at 1.6093 (November 7th highs), 1.62 (October 27th highs) ahead of 1.6322 (December 18th 2012 highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.
At 0.5%, interests were maintained in England along with the BoE asset purchase facility at 375B. In the US, the GDP price index was 1.9% vs. expected 1.4% and prior 0.6%. The GDP annualized result was 2.8% vs. expected 2.0% and prior 2.5%. Initial jobless claims were 336K vs. expected 335K while the personal consumption expenditures prices were 1.9% vs. estimates at 2.0% and prior 2.4%.
GBP/USD Technical Levels
Price action reveals a strong comeback after fall to the 1.6010 session lows. An upward movement supported by the primary, secondary, short-term and intraday trends evidences heavy buying after the release of the data. Offered at 1.6091, the pair attempts to regain the 1.61 front and oscillates between the supports aligned at 1.6018 (October 29th lows), 1.5951 (November 5th lows) followed by 1.5916 (November 1st lows) and the resistances set at 1.6093 (November 7th highs), 1.62 (October 27th highs) ahead of 1.6322 (December 18th 2012 highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.