23 May 2014
GBP/USD giving back weeks gains
FXStreet (Guatemala) - GBP/USD is trading at 1.6828, down -0.25% on the day, having posted a daily high at 1.6877 and low at 1.6813.
GBP/USD has been pressured lower from middle of the week and is ending by putting fear into the less committed longs and targeting the 1.68 handle. Data wise, and from the calendar, the main focus will be on how the UK household sector is playing out with consumer confidence, retail sales and the demand for mortgages. strategists at Rabobank were rather more optimistic and explained “Consumer spending remains a key driver of UK economic growth and following the 0.8% q/q expansion in GDP in the first quarter it now seems almost inevitable that the UK economy will finally recover its pre-crisis size in Q2.
GBP/USD Levels
Spot is presently trading at 1.6833, and next resistance can be seen at 1.6837 (Daily 20 SMA), 1.6842 (Daily Classic S1), 1.6846 (Hourly 20 EMA), 1.6851 (Yesterday's Low) and 1.6854 (Hourly 100 SMA). Next support to the downside can be found at 1.6830 (Hourly 200 SMA), 1.6815 (Weekly Classic PP), 1.6813 (Daily Low), 1.6812 (Daily Classic S2) and 1.6810 (Weekly Low).
GBP/USD has been pressured lower from middle of the week and is ending by putting fear into the less committed longs and targeting the 1.68 handle. Data wise, and from the calendar, the main focus will be on how the UK household sector is playing out with consumer confidence, retail sales and the demand for mortgages. strategists at Rabobank were rather more optimistic and explained “Consumer spending remains a key driver of UK economic growth and following the 0.8% q/q expansion in GDP in the first quarter it now seems almost inevitable that the UK economy will finally recover its pre-crisis size in Q2.
GBP/USD Levels
Spot is presently trading at 1.6833, and next resistance can be seen at 1.6837 (Daily 20 SMA), 1.6842 (Daily Classic S1), 1.6846 (Hourly 20 EMA), 1.6851 (Yesterday's Low) and 1.6854 (Hourly 100 SMA). Next support to the downside can be found at 1.6830 (Hourly 200 SMA), 1.6815 (Weekly Classic PP), 1.6813 (Daily Low), 1.6812 (Daily Classic S2) and 1.6810 (Weekly Low).