23 Aug 2013
GBP/USD trends sideways, still below 1.56 zone
FXstreet.com (Chicago) - GBP/USD has accumulated 0.06% gains within the past hour after trading sideways for the past hours ahead of GDP data in the UK.
Upside or downside? Where to face?
GDP data in the UK will shift investor’s attention to the region as expectations are 0.9% above past results at -0.3% for the second quarter of the year. In the US, the attention gears towards defining which set of new tools will boost the recovery of the US economy. Initial jobless claims increased to 336K vs. expected 322K and previous 323K, indicating the job growth is still underperforming. Nonetheless, Wall Street closed with gains with the Dow up 0.44%, the Nasdaq up 1.08% and the S%P 500 0.86% higher.
GBP/USD Technical Levels
Price action indicates bulls and bears exercise symmetric pressure to the pair as it fluctuates between 1.5585 grounds and 1.5595 ceilings. The pair trades at 1.5590 between supports at 1.5562 (session lows), 1.5544 (August 15th highs) ahead of 1.5518 (August 13th highs) and resistances at 1.5600 (August 18th lows), 1.5627 (August 20th lows) followed by 1.5646 (August 17th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Upside or downside? Where to face?
GDP data in the UK will shift investor’s attention to the region as expectations are 0.9% above past results at -0.3% for the second quarter of the year. In the US, the attention gears towards defining which set of new tools will boost the recovery of the US economy. Initial jobless claims increased to 336K vs. expected 322K and previous 323K, indicating the job growth is still underperforming. Nonetheless, Wall Street closed with gains with the Dow up 0.44%, the Nasdaq up 1.08% and the S%P 500 0.86% higher.
GBP/USD Technical Levels
Price action indicates bulls and bears exercise symmetric pressure to the pair as it fluctuates between 1.5585 grounds and 1.5595 ceilings. The pair trades at 1.5590 between supports at 1.5562 (session lows), 1.5544 (August 15th highs) ahead of 1.5518 (August 13th highs) and resistances at 1.5600 (August 18th lows), 1.5627 (August 20th lows) followed by 1.5646 (August 17th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.