10 Jun 2013
GBP/USD remains rangebound below 1.5550
FXstreet.com (Barcelona) - Having spent the day trading in a range, GBP/USD looks set to continue through the US session, absent any radical changes in sentiment.
GBP/USD fundamentally focused on Wednesdays Unemployment
GBP/USD has seen a sluggish reaction to today´s economic data, which started overnight with disappointing Chinese numbers, but improving Japanese GDP and Consumer Confidence prints. European data has been uneventful too with French Industrial Output and Swiss Unemployment improving, but EZ Sentix Investor Confidence disappointing. Regardless, Kit Juckes of Societe Generale believes that GBP/USD traders have their eye on Wednesday´s UK ILO Unemployment numbers.
GBP/USD looks technically neutral near-term
Today´s GBP/USD technicals and price action looks neutral in the near term. Spot has kept within a 50 pip range throughout today´s trading so far, posting a high at 1.5552 and a low at 1.5495. Hourly oscillators are in range bound mode, with RSI at 48 and Stochastics at 52. Hourly MA´s are mixed with the 20 MA indicating an element of short term downside momentum, but the 100 and 200 MA´s reflecting some upside sentiment. Spot is currently trading at 1.5526, up 0.07% on the days trading. In terms of daily classic pivot points, support can be seen below at S1 1.5491 and S2 1.5424. Ahead resistance can be seen at the pivot at 1.5555 and R1 at 1.5622.
GBP/USD fundamentally focused on Wednesdays Unemployment
GBP/USD has seen a sluggish reaction to today´s economic data, which started overnight with disappointing Chinese numbers, but improving Japanese GDP and Consumer Confidence prints. European data has been uneventful too with French Industrial Output and Swiss Unemployment improving, but EZ Sentix Investor Confidence disappointing. Regardless, Kit Juckes of Societe Generale believes that GBP/USD traders have their eye on Wednesday´s UK ILO Unemployment numbers.
GBP/USD looks technically neutral near-term
Today´s GBP/USD technicals and price action looks neutral in the near term. Spot has kept within a 50 pip range throughout today´s trading so far, posting a high at 1.5552 and a low at 1.5495. Hourly oscillators are in range bound mode, with RSI at 48 and Stochastics at 52. Hourly MA´s are mixed with the 20 MA indicating an element of short term downside momentum, but the 100 and 200 MA´s reflecting some upside sentiment. Spot is currently trading at 1.5526, up 0.07% on the days trading. In terms of daily classic pivot points, support can be seen below at S1 1.5491 and S2 1.5424. Ahead resistance can be seen at the pivot at 1.5555 and R1 at 1.5622.