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21 May 2014
GBP/USD backing up for the highs
FXStreet (Guatemala) - GBP/USD is trading at 1.6872, up 0.20% on the day, having posted a daily high at 1.6923 and low at 1.6831.
GBP/USD has not been convincing through the 1.69 handle and any attempts it is making to climb back into positive territory on the hourly chart is defended at 1.6880 currently. The retail sales year on year record since 2004 confirmed the bid tone in the markets for sterling in Europe post some of the speculation around there being a split in the MPC as well. " Consumption in the UK is notably strong and supports the risk of an earlier than expected interest rate hike. The near‐term outlook for GBP continues to be positive as the fundamental dynamics suggest GBP will test back up to 1.70", explained Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank. The dollar is firmer in the US across the board and cable is backing up from the highs for the week. Fed minutes are ahead.
GBP/USD short‐term technical are mixed
Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank. noted that Spot is climbing higher and warning of further upside risk; “while technicals are mixed with the MACD still warning of downside risk. Accordingly, there is better risk/reward elsewhere. Support lies at today’s open of 1.6838; while resistance lies at 1.6920."
GBP/USD Levels
Current price is 1.6874, with resistance ahead at 1.6899 (Weekly Classic R1), 1.6901 (Daily Classic R2), 1.6923 (Daily High), 1.6935 (Daily Classic R3) and 1.6975 (Monthly High). Next support to the downside can be found at 1.6870 (Daily Classic R1), 1.6868 (Yesterday's High), 1.6867 (Hourly 20 EMA), 1.6839 (Daily Open) and 1.6839 (Weekly High).
GBP/USD has not been convincing through the 1.69 handle and any attempts it is making to climb back into positive territory on the hourly chart is defended at 1.6880 currently. The retail sales year on year record since 2004 confirmed the bid tone in the markets for sterling in Europe post some of the speculation around there being a split in the MPC as well. " Consumption in the UK is notably strong and supports the risk of an earlier than expected interest rate hike. The near‐term outlook for GBP continues to be positive as the fundamental dynamics suggest GBP will test back up to 1.70", explained Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank. The dollar is firmer in the US across the board and cable is backing up from the highs for the week. Fed minutes are ahead.
GBP/USD short‐term technical are mixed
Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank. noted that Spot is climbing higher and warning of further upside risk; “while technicals are mixed with the MACD still warning of downside risk. Accordingly, there is better risk/reward elsewhere. Support lies at today’s open of 1.6838; while resistance lies at 1.6920."
GBP/USD Levels
Current price is 1.6874, with resistance ahead at 1.6899 (Weekly Classic R1), 1.6901 (Daily Classic R2), 1.6923 (Daily High), 1.6935 (Daily Classic R3) and 1.6975 (Monthly High). Next support to the downside can be found at 1.6870 (Daily Classic R1), 1.6868 (Yesterday's High), 1.6867 (Hourly 20 EMA), 1.6839 (Daily Open) and 1.6839 (Weekly High).