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14 Aug 2013
GBP/USD has printing fresh highs through 1.5520
FXstreet.com (London) - GBP/USD had jumped towards the 1.5500 handle after a set of bullish jobs data and has been firmly bid in the NA opening around the handle.
In the absence of much in the way of US data that markets are focused on, the UK Claimant Count Change is the mover which came in much better than expected for July at -29.2K vs -15k consensus. The unemployment rate arrived inline with expectations 7.8% and at the same time, the vote from the MPC to leave rates was unanimous. However, there was a surprise dissent by Martin Weale over the forward guidance has suggested that the old hawk / dove divisions within the MPC still remain despite Carney now being in charge. The dovish contingent still looking at more QE as an option so markets will now remain at the whim of rates markets and data releases going forward.The pair has moved through yesterdays high of 1.5513.
GBP/USD moves into bullish territory
Analyst, Axel Rudolph at Commerzbank said while the 200 day moving average at 1.5526 caps, further weakness remains in store. “Having said that, since last week’s rally looks directional we still have to allow for a stab to the 1.5605/58 resistance area unfolding. It consists of the May peak and uptrend channel resistance line. If overcome, a challenge of the 1.5752/55 June high and the 200-week moving average could still be seen. GBP/USD will remain overall bid while trading above the two month uptrend channel line at 1.5233”. The 20 dma is 1.5355, 50 dma is 1.5344 and the 200 dma is 1.5526. RSI (9) reads 58.75 which supports are ascending from 1.5281, 1.5332, 1.5375, 1.5427, 1.5446, 1.5513. Spot is currently 1.5521 while resistances are 1.5574 and 1.5616.
In the absence of much in the way of US data that markets are focused on, the UK Claimant Count Change is the mover which came in much better than expected for July at -29.2K vs -15k consensus. The unemployment rate arrived inline with expectations 7.8% and at the same time, the vote from the MPC to leave rates was unanimous. However, there was a surprise dissent by Martin Weale over the forward guidance has suggested that the old hawk / dove divisions within the MPC still remain despite Carney now being in charge. The dovish contingent still looking at more QE as an option so markets will now remain at the whim of rates markets and data releases going forward.The pair has moved through yesterdays high of 1.5513.
GBP/USD moves into bullish territory
Analyst, Axel Rudolph at Commerzbank said while the 200 day moving average at 1.5526 caps, further weakness remains in store. “Having said that, since last week’s rally looks directional we still have to allow for a stab to the 1.5605/58 resistance area unfolding. It consists of the May peak and uptrend channel resistance line. If overcome, a challenge of the 1.5752/55 June high and the 200-week moving average could still be seen. GBP/USD will remain overall bid while trading above the two month uptrend channel line at 1.5233”. The 20 dma is 1.5355, 50 dma is 1.5344 and the 200 dma is 1.5526. RSI (9) reads 58.75 which supports are ascending from 1.5281, 1.5332, 1.5375, 1.5427, 1.5446, 1.5513. Spot is currently 1.5521 while resistances are 1.5574 and 1.5616.