30 Aug 2013
GBP/USD fading a bull attempt to 1.5530
FXstreet.com (Edinburgh) -The sterling is meandering around the upper end of the intraday range vs. the greenback, pushing the GBP/USD to challenge session peaks in the 1.5520/30 band.
GBP/USD keeps the tone above 1.5500
Despite the current USD strength, the pair is managing well to keep the 1.5500 handle. Data-wise, Nationwide house prices rose 0.6% on a monthly basis, banging on estimates. The rest of the UK calendar looks pretty interesting: Consumer Credit, M4 Money Supply, Mortgage Approvals and Net Lending to Individuals. Decent results should prop up the current GBP momentum although the USD resilience mainly on Syrian jitters would cap any bull attempts. Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the pair “charted an inside day and continues to hold just ahead of the 1.5427 2 month up channel. Intraday rebounds look set to struggle circa 1.5550/1.5605. While capped here the market remains directly offered and the uptrend exposed”.
GBP/USD support/resistance levels
At the moment the pair is advancing 0.07% at 1.5516 and a surpass of 1.5549 (high Aug.29) would expose 1.5553 (high Aug.28) and then 1.5589 (MA10d). On the downside, the immediate support aligns at 1.5482 (low Aug.29) followed by 1.5449 (MA30d) and then 1.5427 (low Aug.28).
GBP/USD keeps the tone above 1.5500
Despite the current USD strength, the pair is managing well to keep the 1.5500 handle. Data-wise, Nationwide house prices rose 0.6% on a monthly basis, banging on estimates. The rest of the UK calendar looks pretty interesting: Consumer Credit, M4 Money Supply, Mortgage Approvals and Net Lending to Individuals. Decent results should prop up the current GBP momentum although the USD resilience mainly on Syrian jitters would cap any bull attempts. Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the pair “charted an inside day and continues to hold just ahead of the 1.5427 2 month up channel. Intraday rebounds look set to struggle circa 1.5550/1.5605. While capped here the market remains directly offered and the uptrend exposed”.
GBP/USD support/resistance levels
At the moment the pair is advancing 0.07% at 1.5516 and a surpass of 1.5549 (high Aug.29) would expose 1.5553 (high Aug.28) and then 1.5589 (MA10d). On the downside, the immediate support aligns at 1.5482 (low Aug.29) followed by 1.5449 (MA30d) and then 1.5427 (low Aug.28).