16 Jan 2014
GBP/USD is ticking on up
FXstreet.com (Guatemala) - GBP/USD is broadly recovered on the day approaching the highs on the handle of 1.63.
Yesterday, as strategists at Rabobank noted, the US Beige Book held few surprises, with an overall assessment that “The economic outlook is positive in most Districts, with some reports citing expectations of ‘more of the same’ and some expecting a pickup in growth. Today, the US data came in the form of Jobless Claims which disappointed, Consumer Prices rising 1.5% and in line year on year and Tic flows $-29.3B. Technically, Karen Jones, chief analyst at Commerzbank explained that GBP/USD has seen only a marginal break of the 6 month uptrend…”This leaves the 1.6259 October high exposed. My intraday charts are suggesting that the market may hold in this vicinity on the initial test. However a close below here would be enough to adopt a more aggressive negative stance and target the 1.5855 November low”.
GBP/USD Levels
The 20 DMA is 1.6429, the 50 DMA is 1.6312 and the 200 DMA is 1.5749. RSI (14) reads 63.14. Supports are ascending from 1.6220, 1.6250, 1.6262 and 1.6316. Spot is 1.6358 with resistances at 1.6380, 1.6432, 1.6443 and 1.6465.
Yesterday, as strategists at Rabobank noted, the US Beige Book held few surprises, with an overall assessment that “The economic outlook is positive in most Districts, with some reports citing expectations of ‘more of the same’ and some expecting a pickup in growth. Today, the US data came in the form of Jobless Claims which disappointed, Consumer Prices rising 1.5% and in line year on year and Tic flows $-29.3B. Technically, Karen Jones, chief analyst at Commerzbank explained that GBP/USD has seen only a marginal break of the 6 month uptrend…”This leaves the 1.6259 October high exposed. My intraday charts are suggesting that the market may hold in this vicinity on the initial test. However a close below here would be enough to adopt a more aggressive negative stance and target the 1.5855 November low”.
GBP/USD Levels
The 20 DMA is 1.6429, the 50 DMA is 1.6312 and the 200 DMA is 1.5749. RSI (14) reads 63.14. Supports are ascending from 1.6220, 1.6250, 1.6262 and 1.6316. Spot is 1.6358 with resistances at 1.6380, 1.6432, 1.6443 and 1.6465.