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27 Sep 2013
GBP/USD on corrective 1.6120 zone movement
FXstreet.com (Chicago) - GBP/USD was capped at 1.6140 session and attempts to consolidate above the 1.6120 zone. The pair prints the highest amount of pips gains among major currency pairs and totals 0.52% in gains for a weekly gain of 0.76%.
US data recap
Amid concerns and discussions on the US debt ceiling issue with a hard deadline next October 17th, market participants digest recently published American data. Personal spending was 0.3% matching expectations and improving 0.1% from previous results. Core personal consumption expenditures – price index was 1.2%, also matching expected results and the Reuters/Michigan consumer sentiment index was 77.5 vs. past 82.1 and expected 78.0. In the UK, the FTSE 100 closed with 0.81% losses.
GBP/USD Technical Levels
Price action reveals the pair trades around 10-day highs, 9-month altitudes, after pulverizing two resistance levels throughout the Asian and European sessions. Respecting the upward trendline that originated last July 12th, the pair continues flowing within the boundaries of the medium-term bullish channel. All the primary, secondary and short-term trends are pointing up, indicating the continuation of a possible climb. Offered at 1.6124, the pair oscillates between supports aligned at 1.6116 (September 17th highs), 1.6066 (September 20th highs) ahead of 1.5976 (September 18th highs) and the resistances set at 1.6163 (September 18th highs), 1.62 (December 17th 2012 highs) followed by 1.6240 (December 20th 2012 lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
US data recap
Amid concerns and discussions on the US debt ceiling issue with a hard deadline next October 17th, market participants digest recently published American data. Personal spending was 0.3% matching expectations and improving 0.1% from previous results. Core personal consumption expenditures – price index was 1.2%, also matching expected results and the Reuters/Michigan consumer sentiment index was 77.5 vs. past 82.1 and expected 78.0. In the UK, the FTSE 100 closed with 0.81% losses.
GBP/USD Technical Levels
Price action reveals the pair trades around 10-day highs, 9-month altitudes, after pulverizing two resistance levels throughout the Asian and European sessions. Respecting the upward trendline that originated last July 12th, the pair continues flowing within the boundaries of the medium-term bullish channel. All the primary, secondary and short-term trends are pointing up, indicating the continuation of a possible climb. Offered at 1.6124, the pair oscillates between supports aligned at 1.6116 (September 17th highs), 1.6066 (September 20th highs) ahead of 1.5976 (September 18th highs) and the resistances set at 1.6163 (September 18th highs), 1.62 (December 17th 2012 highs) followed by 1.6240 (December 20th 2012 lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.