20 Jan 2014
GBP/USD follows risk sentiment higher
FXstreet.com (Barcelona) - GBP/USD declined to support around the 1.6400 mark overnight, before climbing to where it is presently trading at 1.6443.
GBP/USD off support post Chinese GDP
With such a quiet economic calendar today, the main event has been and gone already - namely Chinese Q4 GDP. The YoY print beat expectations at 7.7% and despite a weak print for QoQ and Industrial production data, USD weakening, saw GBP/USD climb into the European open. The calendar today onwards is barren until NZ CPI at 21:45 GMT. Looking at the Fibonacci Retracement from 1.5833-1.6602 climb, we see that having made support last week at the 38.2% mark at 1.6311, before climbing above the 23.6% at 1.6422 this morning.
What are today´s key GBP/USD levels?
Hourly RSI is at 64, and approaching overbought territory, while ADX is at 18 and neutral. The daily pivot point can be found at 1.6393, with support below at 1.6390-80 (Assorted bids), 1.63560-50 (Corporate Bids), 1.6325 (S1), 1.6241 (S2), & 1.6173 (S3): Resistance above falls at 1.6450-60 (Assorted offers), 1.6477 (R1), 1.6490-00 (Leveraged & Corp offers), 1.6520 (Buy stops for model accounts), 1.6545 (R2), & 1.6629 (R3)
GBP/USD off support post Chinese GDP
With such a quiet economic calendar today, the main event has been and gone already - namely Chinese Q4 GDP. The YoY print beat expectations at 7.7% and despite a weak print for QoQ and Industrial production data, USD weakening, saw GBP/USD climb into the European open. The calendar today onwards is barren until NZ CPI at 21:45 GMT. Looking at the Fibonacci Retracement from 1.5833-1.6602 climb, we see that having made support last week at the 38.2% mark at 1.6311, before climbing above the 23.6% at 1.6422 this morning.
What are today´s key GBP/USD levels?
Hourly RSI is at 64, and approaching overbought territory, while ADX is at 18 and neutral. The daily pivot point can be found at 1.6393, with support below at 1.6390-80 (Assorted bids), 1.63560-50 (Corporate Bids), 1.6325 (S1), 1.6241 (S2), & 1.6173 (S3): Resistance above falls at 1.6450-60 (Assorted offers), 1.6477 (R1), 1.6490-00 (Leveraged & Corp offers), 1.6520 (Buy stops for model accounts), 1.6545 (R2), & 1.6629 (R3)