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26 Aug 2013
GBP/USD: GBP/USD soars on dismal US durable goods orders
FXstreet.com (Athens): The GBP/USD is trading higher, after US durable goods orders data let down investors.
The cable spikes on 1.5608 area after US data puzzle traders
Dovish or hawkish, the commentary was more or less the same from Fed officials this past week: 'September would be an appropriate time to taper if the economic data is strong.' US durable goods orders collapsed in July, released down 7.3% (-7.3%), against expectations of -3%. Lockhart said the Fed had a legal obligation to focus on domestic U.S. goals, but allowed that there could be circumstances when the international impact of its actions could be taken into account. "If a policy maker in the United States believed that the global consequences of taking a domestic action would spill back over into the U.S. economy in a very negative way, that clearly is within the scope of consideration," he said in the interview.
Technical outlook on GBP/USD
At the time of writing, GBP/USD is trading at 1.5600, after having reached a daily high of 1.5614, a couple of minutes after the discouraging US data release. The FXstreet.com Trend Index shows the pair to be slightly bullish and in an uptrend movement. Daily pivot point support and resistance can be found at S3: 1.5503 S2: 1.5480 S1: 1.5425 R1:1.5614 R2:1.5643 R3:1.5682
The cable spikes on 1.5608 area after US data puzzle traders
Dovish or hawkish, the commentary was more or less the same from Fed officials this past week: 'September would be an appropriate time to taper if the economic data is strong.' US durable goods orders collapsed in July, released down 7.3% (-7.3%), against expectations of -3%. Lockhart said the Fed had a legal obligation to focus on domestic U.S. goals, but allowed that there could be circumstances when the international impact of its actions could be taken into account. "If a policy maker in the United States believed that the global consequences of taking a domestic action would spill back over into the U.S. economy in a very negative way, that clearly is within the scope of consideration," he said in the interview.
Technical outlook on GBP/USD
At the time of writing, GBP/USD is trading at 1.5600, after having reached a daily high of 1.5614, a couple of minutes after the discouraging US data release. The FXstreet.com Trend Index shows the pair to be slightly bullish and in an uptrend movement. Daily pivot point support and resistance can be found at S3: 1.5503 S2: 1.5480 S1: 1.5425 R1:1.5614 R2:1.5643 R3:1.5682