17 Aug 2015
GBP/USD downside drawing in?
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5594 with a high of 1.5689 and a low of 1.5578.
GBP/USD has started to penetrate the 1.56 handle at the start of the week and there is no specific catalysts for it, except tiring long positions built up from 1.5420 in a recovery from the August starting week's losses. If anything, this week could be signal to get longer of sterling with the forthcoming retails sales and CPI's amid a hawkish BoE. However, any disappointment in the key data could be the catalyst for a deeper correction to the downside. The greenback is also a variable in the mix with the FOMC minutes and US CPI's due this week which will garner the markets attention.
GBP/USD levels
Technically, GBP/USD remains offered while below the 1.5690 level which has been a strong resistance over a number of sessions this month so far. Continued failures at the upside opens up potential for a break back down to 1.5424 lows for the month and failures in support there open up the 200 DMA at 1.5374.
GBP/USD has started to penetrate the 1.56 handle at the start of the week and there is no specific catalysts for it, except tiring long positions built up from 1.5420 in a recovery from the August starting week's losses. If anything, this week could be signal to get longer of sterling with the forthcoming retails sales and CPI's amid a hawkish BoE. However, any disappointment in the key data could be the catalyst for a deeper correction to the downside. The greenback is also a variable in the mix with the FOMC minutes and US CPI's due this week which will garner the markets attention.
GBP/USD levels
Technically, GBP/USD remains offered while below the 1.5690 level which has been a strong resistance over a number of sessions this month so far. Continued failures at the upside opens up potential for a break back down to 1.5424 lows for the month and failures in support there open up the 200 DMA at 1.5374.