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6 Jan 2014
GBP/USD pushing on?
FXstreet.com (London) - GBP/USD is challenging the upside in the 1.64 handle after making a break out of the sideways short term channel with the 30 min chart on good UK data performances once again.
The pair broke the figure and is trading with a bullish bias on the handle. However, there has been little real conviction until it breaches 1.6420 resistance. Strategists at TD Securities commented on the data at the start of this week for the UK economy and said “The headline number of the UK services PMI report missed expectations, but the details of were actually better than anticipated—particularly on the expectations component. After some choppy trading, GBP/USD is essentially flat in the aftermath of the print, and the focus now shifts to the busy economic calendar for the rest of the week”. From the calendar this week, they further added, “Thursday’s BoE meeting and Friday’s IP release are the UK highlights, but we don’t expect any huge surprises which suggests the focus should be on US developments (especially FOMC minutes and NFP) for GBP/USD”.
GBP/USD Levels
The 20 DMA is 1.6400, the 50 DMA is 1.6249 and the 200 DMA is 1.5702. RSI (14) reads 50.02. Supports are 1.6214, 1.6262, 1.6297, 1.6316, 1.6358, 1.6395 Spot is currently. 1.6409. Resistances are 1.6420, 1.6444 and 1.6474
The pair broke the figure and is trading with a bullish bias on the handle. However, there has been little real conviction until it breaches 1.6420 resistance. Strategists at TD Securities commented on the data at the start of this week for the UK economy and said “The headline number of the UK services PMI report missed expectations, but the details of were actually better than anticipated—particularly on the expectations component. After some choppy trading, GBP/USD is essentially flat in the aftermath of the print, and the focus now shifts to the busy economic calendar for the rest of the week”. From the calendar this week, they further added, “Thursday’s BoE meeting and Friday’s IP release are the UK highlights, but we don’t expect any huge surprises which suggests the focus should be on US developments (especially FOMC minutes and NFP) for GBP/USD”.
GBP/USD Levels
The 20 DMA is 1.6400, the 50 DMA is 1.6249 and the 200 DMA is 1.5702. RSI (14) reads 50.02. Supports are 1.6214, 1.6262, 1.6297, 1.6316, 1.6358, 1.6395 Spot is currently. 1.6409. Resistances are 1.6420, 1.6444 and 1.6474