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9 Aug 2013
GBP/USD sidelined
FXstreet.com (Barcelona) - GBP/USD has been sidelined around 1.5528/1.5556 overnight with support at 1.5480/90 since Carney.
GBP/USD traders might see some action around todays data for he UK, but in summer time markets and end of week, it is unlikely to do much around the news. We are mainly waiting for the BoE minutes next week. However, “GBP Markets are looking for the trade balance to improve slightly from -£8.5bn to -£8.4bn in June, but the substantial strength in the IP data earlier this week points to upside risks, since exports have a higher correlation with manufacturing production than imports do. We also have construction output for June today, where markets are looking for a reading of -1.9% M/M, slightly better than the -2.3% reading that the ONS used to estimate Q2 GDP. But anecdotal reports point to something much stronger than that for the housing sector, so we think that the risks lie to the upside. Anything substantially different from -2.3% could lead to a revision to Q2 GDP”, said research teams at TD Securities.
GBP/USD steady, levels
GBP/USD levles offer the 20 dma at 1.5312, the 50 dma at 1.5338 and 200 dma at 1.5534. RSI(9) reads 68.80. Supports are ascending 1.5332, 1.5375, 1.5435, 1.5485. Spot is currently 1.5552 while resitances are 1.5616, 1.5649, 1.5680 and 1.5723
GBP/USD traders might see some action around todays data for he UK, but in summer time markets and end of week, it is unlikely to do much around the news. We are mainly waiting for the BoE minutes next week. However, “GBP Markets are looking for the trade balance to improve slightly from -£8.5bn to -£8.4bn in June, but the substantial strength in the IP data earlier this week points to upside risks, since exports have a higher correlation with manufacturing production than imports do. We also have construction output for June today, where markets are looking for a reading of -1.9% M/M, slightly better than the -2.3% reading that the ONS used to estimate Q2 GDP. But anecdotal reports point to something much stronger than that for the housing sector, so we think that the risks lie to the upside. Anything substantially different from -2.3% could lead to a revision to Q2 GDP”, said research teams at TD Securities.
GBP/USD steady, levels
GBP/USD levles offer the 20 dma at 1.5312, the 50 dma at 1.5338 and 200 dma at 1.5534. RSI(9) reads 68.80. Supports are ascending 1.5332, 1.5375, 1.5435, 1.5485. Spot is currently 1.5552 while resitances are 1.5616, 1.5649, 1.5680 and 1.5723