23 Jul 2013
GBP/USD capped at 1.5386
FXstreet.com (London) - GBP/USD climbed as high as 1.5386 yesterday in NY denying the laws of gravity it seems.
GBP/USD has performed well, exceeding many expectations while US data disappointed again. The dollar has been offered throughout the G10’s where it appears markets are less prone to stay long dollars while the recent positioning in the dollar is being unwound as time goes by post FOMC and the accompanying fed members speeches. The price action in the pair will continue to be as a result of data releases for the time being. While there will be traders that would see this as an opportunity to pick up some cheap dollars, others will be focused on a British economy ‘expected’ to expand at a faster pace in the 2nd quarter of this year with GDP on the horizon tomorrow. Data has BBA Mortgage Approvals at 830GMT for the UK and US House Price Approvals in the afternoon.
GBP/USD remains bid
GBP/USD has taken out resistances on the way to 1.5400 but has since been capped with strength momentum indicators signalling overbought territories that still indicated that this move is corrective only. One would assume that the pair will remain bid above 1.5232 support at the start of the uptrend. Below there opens up the downside once back to the 1.4854/32 support zone.
GBP/USD has performed well, exceeding many expectations while US data disappointed again. The dollar has been offered throughout the G10’s where it appears markets are less prone to stay long dollars while the recent positioning in the dollar is being unwound as time goes by post FOMC and the accompanying fed members speeches. The price action in the pair will continue to be as a result of data releases for the time being. While there will be traders that would see this as an opportunity to pick up some cheap dollars, others will be focused on a British economy ‘expected’ to expand at a faster pace in the 2nd quarter of this year with GDP on the horizon tomorrow. Data has BBA Mortgage Approvals at 830GMT for the UK and US House Price Approvals in the afternoon.
GBP/USD remains bid
GBP/USD has taken out resistances on the way to 1.5400 but has since been capped with strength momentum indicators signalling overbought territories that still indicated that this move is corrective only. One would assume that the pair will remain bid above 1.5232 support at the start of the uptrend. Below there opens up the downside once back to the 1.4854/32 support zone.