11 Jun 2013
GBP/USD filled the gap
FXstreet.com (London) - GBP/USD has drifted back through the gap zone to open in Europe at 1.5580 having printing a high of 1.5604 overnight.
Fundamental’s for GBPUSD
With a light calendar for the pair today, we are reminded of the better NFP’s from last Friday, the BoE keeping on hold with a raft of more positive numbers of late from the economy. Overnight, RICS Housing Price Balance survey released housing costs for the UK, which printed a bullish 5% against a 4% consensus vrs a previous 1%. This was taken well by the market as it represent the economy is making improvements.
Technical GBP/USD
Analysts for Commerzbank said that GBP/USD held relatively steady yesterday to leave the outlook unchanged. They remind us how the market last week rallied sharply higher to reach the top of its 3 month up channel and 200 day ma. These are located at 1.5690/1.5703 and are expected to hold the initial test. They suspect that this is the end of the corrective move. They note the 13 count on the daily TD Combo and this adds weight to that view. A break below the 1.5425/1.5390 (38.2% retracement) is needed to alleviate topside pressure and signal a slide back to 1.5270 en route to 1.5155 (retracements of this recent leg higher) and base of the channel at 1.5035. Teams at ICN.com suggest that the trading range for this week is among key support at 1.5305 and key resistance at 1.5770. They explain that the general trend over short term basis is to the upside as far as areas of 1.5610 remains intact targeting 1.5975.
Fundamental’s for GBPUSD
With a light calendar for the pair today, we are reminded of the better NFP’s from last Friday, the BoE keeping on hold with a raft of more positive numbers of late from the economy. Overnight, RICS Housing Price Balance survey released housing costs for the UK, which printed a bullish 5% against a 4% consensus vrs a previous 1%. This was taken well by the market as it represent the economy is making improvements.
Technical GBP/USD
Analysts for Commerzbank said that GBP/USD held relatively steady yesterday to leave the outlook unchanged. They remind us how the market last week rallied sharply higher to reach the top of its 3 month up channel and 200 day ma. These are located at 1.5690/1.5703 and are expected to hold the initial test. They suspect that this is the end of the corrective move. They note the 13 count on the daily TD Combo and this adds weight to that view. A break below the 1.5425/1.5390 (38.2% retracement) is needed to alleviate topside pressure and signal a slide back to 1.5270 en route to 1.5155 (retracements of this recent leg higher) and base of the channel at 1.5035. Teams at ICN.com suggest that the trading range for this week is among key support at 1.5305 and key resistance at 1.5770. They explain that the general trend over short term basis is to the upside as far as areas of 1.5610 remains intact targeting 1.5975.