22 Jul 2013
GBP/USD continues to correct
FXstreet.com (London) - Chicago Fed National Activity Index (Jun) printed negatively for the dollar at -0.1 against a previous -0.3 and consensus 0.0.
The GBP/USD pair were already well bid pre number and had reached a high of 1.5343 in a continuation of the correction. Up next data we will have Existing Home Sales Change coming up at 2GMT while later on in the week, and more key we will see Q2 GDP for the UK on Thursday and US GDP for June as well.
GBP/USD Corrective?
GBP/USD has been drifting higher on the previous sessions to reach the 55 day ma and has now been unable to clear 1.5305 resistance. Since the rise of Sterling, technically the move seems corrective and a minor rebound from the support 1.4850 area in the overall bear trend. The pair have now tested the July highs and breached what marked a psychological resistance area. The RSI on the pair have moved into overbought territory and strength indicators signal that further moves t the upside would be limited. 1.5397 marks higher target ahead of 1.5436.
The GBP/USD pair were already well bid pre number and had reached a high of 1.5343 in a continuation of the correction. Up next data we will have Existing Home Sales Change coming up at 2GMT while later on in the week, and more key we will see Q2 GDP for the UK on Thursday and US GDP for June as well.
GBP/USD Corrective?
GBP/USD has been drifting higher on the previous sessions to reach the 55 day ma and has now been unable to clear 1.5305 resistance. Since the rise of Sterling, technically the move seems corrective and a minor rebound from the support 1.4850 area in the overall bear trend. The pair have now tested the July highs and breached what marked a psychological resistance area. The RSI on the pair have moved into overbought territory and strength indicators signal that further moves t the upside would be limited. 1.5397 marks higher target ahead of 1.5436.