28 Jun 2013
GBP/USD tracks lower
FXstreet.com (London) - GBP/USD has shed 40 pips on the open in Europe and London
GBP/USD started the session on the back foot and continues to print lower as the morning continues. Commencing the day with a poor set of housing data wasn’t a good start, while caught in a broader bearish trend, the pair now awaits to see if there are further bullish tones in the US economy this afternoon. There are speeches coming up, but these are likely to reiterate that the Fed still sees the first rate hike far away – not that the market is necessarily following suit. Also the final print of the Michigan Confidence index is expected in the afternoon and to be revised higher.
GBP/USD still targeting lower
To mention again, Karen Jones at Commerzbank suggest that the pair looks set to erode the base of the cloud at 1.5218 and the 61.8% retracement at 1.5183. Her team targets the support line at 1.5079 and slightly longer term the 1.5009 May low and then the 1.4832 March low. Resistance now comes in at the pivot 1.5269.
GBP/USD started the session on the back foot and continues to print lower as the morning continues. Commencing the day with a poor set of housing data wasn’t a good start, while caught in a broader bearish trend, the pair now awaits to see if there are further bullish tones in the US economy this afternoon. There are speeches coming up, but these are likely to reiterate that the Fed still sees the first rate hike far away – not that the market is necessarily following suit. Also the final print of the Michigan Confidence index is expected in the afternoon and to be revised higher.
GBP/USD still targeting lower
To mention again, Karen Jones at Commerzbank suggest that the pair looks set to erode the base of the cloud at 1.5218 and the 61.8% retracement at 1.5183. Her team targets the support line at 1.5079 and slightly longer term the 1.5009 May low and then the 1.4832 March low. Resistance now comes in at the pivot 1.5269.