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6 Aug 2013
GBP/USD testing support 1.5330/40
FXstreet.com (Barcelona) - GBP/USD moving lower after the release of a better than expected US trade balance.
GBP/USD has drifted away from 1.5400 throughout the European session to trade along the support as we enter the NA session. The trade balance came in -$34.22B and better than the -$43.10B number the market had been expecting. Up next we had Redbook Index (YoY) 3.7% and 1.0% (MoM) (Jul 28). These had little effect on the pair although were slightly up on previous readings.
GBP/USD ranging between 1.5330/50
GBP/USD is effectively sideways trading and remains in positive territory and two big figures up still on the end of last weeks session. Karen Jones, Head of FICC Technical Analysis suggested that a loss of 1.5100 is needed to suggest further losses to the 1.5015 May low then 1.4854/32 support zones. “Only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement”.
GBP/USD has drifted away from 1.5400 throughout the European session to trade along the support as we enter the NA session. The trade balance came in -$34.22B and better than the -$43.10B number the market had been expecting. Up next we had Redbook Index (YoY) 3.7% and 1.0% (MoM) (Jul 28). These had little effect on the pair although were slightly up on previous readings.
GBP/USD ranging between 1.5330/50
GBP/USD is effectively sideways trading and remains in positive territory and two big figures up still on the end of last weeks session. Karen Jones, Head of FICC Technical Analysis suggested that a loss of 1.5100 is needed to suggest further losses to the 1.5015 May low then 1.4854/32 support zones. “Only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement”.