12 Nov 2013
GBP/USD struggles to get back above 1.59
FXstreet.com (Chicago) - GBP/USD struggles to regain the 1.59 front in the afternoon of the American trading session after suffering a 0.56% daily loss so far.
Plethora of data
Earlier in the UK, a plethora of facts were released. The Core consumer price index was 0.9% vs. expected 2.0%. The CPI was 2.2% vs. expected 2.5% (annual). The PPI core output (YoY) was 0.9% vs. expected 0.7% while the PPI – output was 0.8% vs. expected 1%. In the US, the Chicago Fed National Activity Index was 0.14 vs. prior 0.13.
GBP/USD Technical Levels
Price action reveals a strong retracement that is inconclusive and seems to culminate in further losses after upward impulses. Having reached 1.5854 monthly lows, the pair pulls off a bounce back above the 1.59 and oscillates between the supports aligned at 1.5852 (August 25th highs), 1.5751 (June 17th highs) ahead of 1.5619 (November 12th lows) and the resistances set at 1.5916 (November 1st lows), 1.5951 (November 8th lows) followed by 1.6018 (November 11th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and navigates below the EMA20.
Plethora of data
Earlier in the UK, a plethora of facts were released. The Core consumer price index was 0.9% vs. expected 2.0%. The CPI was 2.2% vs. expected 2.5% (annual). The PPI core output (YoY) was 0.9% vs. expected 0.7% while the PPI – output was 0.8% vs. expected 1%. In the US, the Chicago Fed National Activity Index was 0.14 vs. prior 0.13.
GBP/USD Technical Levels
Price action reveals a strong retracement that is inconclusive and seems to culminate in further losses after upward impulses. Having reached 1.5854 monthly lows, the pair pulls off a bounce back above the 1.59 and oscillates between the supports aligned at 1.5852 (August 25th highs), 1.5751 (June 17th highs) ahead of 1.5619 (November 12th lows) and the resistances set at 1.5916 (November 1st lows), 1.5951 (November 8th lows) followed by 1.6018 (November 11th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and navigates below the EMA20.