21 Aug 2013
GBP/USD trading unevenly below 1.5700 ahead of FOMC
FXstreet.com (New York) - The GBP/USD foreign exchange rate has oscillated violently below the 1.5700 region, eying the FOMC minutes later today, which has the capacity to move the pair.
In the United States, Existing Home Sales (MoM) came in at 5.39M in July, beating estimates of 5.10M.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD rallied to the upside for the third session this week due to stabilizing above 88.6% correction at 1.5645. Stabilizing above the referred to level triggers the extension of the upside move. Linear Regression Indicators support our expectations, and as per Fibonacci rules, breaching 88.6% represented in 1.5645 refers to the possibility of testing 1.5750 and perhaps 1.5875 later.”
GBP/USD technical levels
Following the earlier peak at 1.5703 (session high), the GBP/USD has since eased back to 1.5683 in these moments, clinging to an advance of +0.11% above its opening. In terms of the technical levels, the GBP/USD will look to test resistance at 1.5692, onto 1.5728, and 1.5760, notes the Mataf.net analyst team.
In the United States, Existing Home Sales (MoM) came in at 5.39M in July, beating estimates of 5.10M.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD rallied to the upside for the third session this week due to stabilizing above 88.6% correction at 1.5645. Stabilizing above the referred to level triggers the extension of the upside move. Linear Regression Indicators support our expectations, and as per Fibonacci rules, breaching 88.6% represented in 1.5645 refers to the possibility of testing 1.5750 and perhaps 1.5875 later.”
GBP/USD technical levels
Following the earlier peak at 1.5703 (session high), the GBP/USD has since eased back to 1.5683 in these moments, clinging to an advance of +0.11% above its opening. In terms of the technical levels, the GBP/USD will look to test resistance at 1.5692, onto 1.5728, and 1.5760, notes the Mataf.net analyst team.