9 May 2016
GBP/USD: A phase of consolidation below 1.4450
The GBP/USD pair trades around a flat-line in early Europe, falling every attempt to take-out 1.4450 levels, as a lack of fresh fundamental drivers fails to aid the recovery from near 1.44 handle.
GBP/USD hovers above daily pivot
The GBP/USD pair trades modestly flat at 1.4426, reversing a spike to 1.4440 levels. The cable fails to sustain at higher levels and reverts in the red zone on the back of a broadly higher US dollar, with markets having largely shrugged-off weak US employment report. The USD index trades +0.05% higher at 93.90 levels.
The GBP/USD pair consolidates near ten-day lows, although holds 1.44 handle, having found some respite from rallying oil prices on mounting Canadian wildfire induced supply disruption worries.
Nothing of note for the major in the day ahead except for the second-liner data in the UK Halifax HPI and US labour market conditions report.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4500/13 (round number/ 1h 100-SMA), above which 1.4558 (1h 200-SMA) would be tested. On the flip side, support is seen at 1.4406/00 (daily low/ round number) below that at 1.4350 (psychological levels).
GBP/USD hovers above daily pivot
The GBP/USD pair trades modestly flat at 1.4426, reversing a spike to 1.4440 levels. The cable fails to sustain at higher levels and reverts in the red zone on the back of a broadly higher US dollar, with markets having largely shrugged-off weak US employment report. The USD index trades +0.05% higher at 93.90 levels.
The GBP/USD pair consolidates near ten-day lows, although holds 1.44 handle, having found some respite from rallying oil prices on mounting Canadian wildfire induced supply disruption worries.
Nothing of note for the major in the day ahead except for the second-liner data in the UK Halifax HPI and US labour market conditions report.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4500/13 (round number/ 1h 100-SMA), above which 1.4558 (1h 200-SMA) would be tested. On the flip side, support is seen at 1.4406/00 (daily low/ round number) below that at 1.4350 (psychological levels).