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16 Aug 2013
GBP/USD eyes 200w MA 1.5755
FXstreet.com (Barcelona) - GBP/USD is steady above 1.5600 handle, bid in London through to 1.5635 ahead of the 1.5648 NA highs.
Despite stronger than expected jobless claims for the US, the US dollar took a broad based hit yesterday and it seems traders were really testing the barriers, with stops exacerbating the weakness. The rest of the US data came in poor and today we have housing starts and consumer confidence data. “For starts, we’re looking for a bounce back to 915K (mkt 905K) after last month’s outsized 10% M/M decline. But for Michigan confidence we’re looking for a pull-back from 85.1 to 83.5 in August, which would be its softest reading since April”, - Alvin Pontoh, Asia-Pacific Macro Strategist, FX & Rates Strategy at TD Securities.
GBP/USD eyes the June peak at 1.5752
GBP/USD is about to touch the uptrend channel resistance line at 1.5691, a rise above which will have the June peak at 1.5752 in its sights, said Axel Rudolph, Senior Technical Analyst at Commerzbank. “Just above meanders the 200 week moving average at 1.5755 which is to act as resistance. GBP/USD will remain overall bid while trading above this week’s 1.5424 low. Minor support is now seen around the 1.5574 early August high and then around the 200 day moving average at 1.5523”.
Despite stronger than expected jobless claims for the US, the US dollar took a broad based hit yesterday and it seems traders were really testing the barriers, with stops exacerbating the weakness. The rest of the US data came in poor and today we have housing starts and consumer confidence data. “For starts, we’re looking for a bounce back to 915K (mkt 905K) after last month’s outsized 10% M/M decline. But for Michigan confidence we’re looking for a pull-back from 85.1 to 83.5 in August, which would be its softest reading since April”, - Alvin Pontoh, Asia-Pacific Macro Strategist, FX & Rates Strategy at TD Securities.
GBP/USD eyes the June peak at 1.5752
GBP/USD is about to touch the uptrend channel resistance line at 1.5691, a rise above which will have the June peak at 1.5752 in its sights, said Axel Rudolph, Senior Technical Analyst at Commerzbank. “Just above meanders the 200 week moving average at 1.5755 which is to act as resistance. GBP/USD will remain overall bid while trading above this week’s 1.5424 low. Minor support is now seen around the 1.5574 early August high and then around the 200 day moving average at 1.5523”.