3 Sep 2013
GBP/USD backs off from 1.5600
FXstreet.com (Edinburgh) -After en ephemeral spike beyond 1.5600 the figure, the GBP/USD has now returned to the 1.5575/80 region, keeping the positive tone.
GBP/USD focus on the BoE
The pair has recovered the ground lost last week, trading in the upper end of the range near the 1.5600 handle and this time propped up by the UK Construction PMI above estimates during August, climbing to 59.1. The research team at RBS noted that “GBP/USD has been very sideways for the last 6 months and as we near the top of the range, resistance should appear around 1.5610/1.5750. Any push above there should target a move back towards the old support/resistance lines around 1.60 and at this stage we still feel that any rallies will struggle later in this month”.
GBP/USD relevant levels
The pair is now advancing 0.20% at 1.5576 with the next hurdle at 1.5612 (high Aug.26) followed by 1.5638 (high Aug.23) and then 1.5718 (high Aug.21). On the flip side, a break below 1.5507 (low Sep.2) would open the door of 1.5502 (MA200d) and then 1.5462 (low Aug.30).
GBP/USD focus on the BoE
The pair has recovered the ground lost last week, trading in the upper end of the range near the 1.5600 handle and this time propped up by the UK Construction PMI above estimates during August, climbing to 59.1. The research team at RBS noted that “GBP/USD has been very sideways for the last 6 months and as we near the top of the range, resistance should appear around 1.5610/1.5750. Any push above there should target a move back towards the old support/resistance lines around 1.60 and at this stage we still feel that any rallies will struggle later in this month”.
GBP/USD relevant levels
The pair is now advancing 0.20% at 1.5576 with the next hurdle at 1.5612 (high Aug.26) followed by 1.5638 (high Aug.23) and then 1.5718 (high Aug.21). On the flip side, a break below 1.5507 (low Sep.2) would open the door of 1.5502 (MA200d) and then 1.5462 (low Aug.30).