26 Jan 2015
GBP/USD: Supply at 1.5105 capping rebound
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5077, with a high of 1.5104 and and low of 1.4985.
GBP/USD has met supply finally and during its minor recovery from the recent lows. 1.5080 was breached, giving hope to the committed bulls, but 1.5100 is proving to much too soon and comes as a barrier ahead of the congested 1.5267 area.
Karen Jones, chief analyst at Commerzbank explained that should the pair continue higher, "Near term rallies are expected to continue to struggle at 1.5229/1.5300, but key resistance is the downtrend at 1.5414, while capped here, our negative bias will remain entrenched."
Meanwhile, we await the Q4 GDP tomorrow with the consensus in looking for GDP to expand by 0.6% Q/Q in Q4 and analysts at TD Securities are looking for the details to likely show a struggling industrial and construction sectors, but a much stronger performance on the services side. This will cap off a very strong year for UK economic growth.
GBP/USD has met supply finally and during its minor recovery from the recent lows. 1.5080 was breached, giving hope to the committed bulls, but 1.5100 is proving to much too soon and comes as a barrier ahead of the congested 1.5267 area.
Karen Jones, chief analyst at Commerzbank explained that should the pair continue higher, "Near term rallies are expected to continue to struggle at 1.5229/1.5300, but key resistance is the downtrend at 1.5414, while capped here, our negative bias will remain entrenched."
Meanwhile, we await the Q4 GDP tomorrow with the consensus in looking for GDP to expand by 0.6% Q/Q in Q4 and analysts at TD Securities are looking for the details to likely show a struggling industrial and construction sectors, but a much stronger performance on the services side. This will cap off a very strong year for UK economic growth.