20 Aug 2013
GBP/USD 1.5700 region caps advance but for how long?
FXstreet.com (New York) - The GBP/USD foreign exchange rate peaked earlier at 1.5691 (session high), though could not summit the 1.5700 region, thereby easing during US trading.
In the United States, the Chicago Fed National Activity Index (July) came in at -0.15, compared to a previous figure of -0.23. In addition, the Redbook Index (MoM) grew by +0.2%, relative to a growth of +0.4% previously. Finally, the Redbook Index (YoY) yielded a figure of 3.4%, compared to +3.7% previously.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “Consolidating above 88.6% correction during earlier sessions today forces us to hold on to our positive GBP/USD expectations, whereas trading above that correction again at 1.5645 keeps the possibility of extending bullishness. Linear Regression Indicators support our expectations.”
GBP/USD technical levels
Ahead of the crucial Fed minutes later this week, the GBP/USD has now eased to 1.5668 Tuesday, still clinging to an advance of +0.12% above its opening. Briefing the technicals, the GBP/USD remains capped by resistance at 1.5678, onto 1.5708, and 1.5742, notes the Mataf.net analyst team.
In the United States, the Chicago Fed National Activity Index (July) came in at -0.15, compared to a previous figure of -0.23. In addition, the Redbook Index (MoM) grew by +0.2%, relative to a growth of +0.4% previously. Finally, the Redbook Index (YoY) yielded a figure of 3.4%, compared to +3.7% previously.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “Consolidating above 88.6% correction during earlier sessions today forces us to hold on to our positive GBP/USD expectations, whereas trading above that correction again at 1.5645 keeps the possibility of extending bullishness. Linear Regression Indicators support our expectations.”
GBP/USD technical levels
Ahead of the crucial Fed minutes later this week, the GBP/USD has now eased to 1.5668 Tuesday, still clinging to an advance of +0.12% above its opening. Briefing the technicals, the GBP/USD remains capped by resistance at 1.5678, onto 1.5708, and 1.5742, notes the Mataf.net analyst team.