25 Jul 2013
GBP/USD holds above 1.53 ahead of UK GDP
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last quoted at 1.5326, near session highs, off late NY session lows at 1.5287, and capped to the upside below Tuesday's lows, ahead of key risk event for Cable in the form of UK GDP at 08:30 GMT.
GBP/USD dependant on UK GDP
“It could be a choppy session and while I remain mildly bullish, I would be keeping stops on long positions fairly tight under 1.5260,” said FX Charts analyst Jim Langlands, adding: “The GDP will be the key driver for Sterling today and would suspect that a range of 1.5280/1.5380 could cover it. The strategy remains the same as yesterday. ie to look to buy Sterling at or below 1.5300 with a SL below 1.5260.”
GBP/USD key technical levels
Immediate support to the downside for Cable shows at recent session lows at 1.5290, followed by July 17 highs at 1.5268, and July 11 lows at 1.5223. To the upside, closest resistance shows at current levels as Tuesday's lows 1.5330, followed by Monday's highs at 1.5384, and fresh 1-month Tuesday's highs/61.8% Fibo retrace of 1.5750/1.4800 down leg at 1.5392.
GBP/USD dependant on UK GDP
“It could be a choppy session and while I remain mildly bullish, I would be keeping stops on long positions fairly tight under 1.5260,” said FX Charts analyst Jim Langlands, adding: “The GDP will be the key driver for Sterling today and would suspect that a range of 1.5280/1.5380 could cover it. The strategy remains the same as yesterday. ie to look to buy Sterling at or below 1.5300 with a SL below 1.5260.”
GBP/USD key technical levels
Immediate support to the downside for Cable shows at recent session lows at 1.5290, followed by July 17 highs at 1.5268, and July 11 lows at 1.5223. To the upside, closest resistance shows at current levels as Tuesday's lows 1.5330, followed by Monday's highs at 1.5384, and fresh 1-month Tuesday's highs/61.8% Fibo retrace of 1.5750/1.4800 down leg at 1.5392.