28 Apr 2014
GBP/USD events playing marginally negative
FXStreet (Guatemala) - GBP/USD is trading at 1.6811, up 0.06% on the day, having posted a daily high at 1.6860 and low at 1.6777.
GBP/USD has been a big mover on the day, hitting the highs on stops and a rally post the wake of Pfizer officially confirming their interest in AstraZeneca. The pair has come back down to earth and traders are pulling u the chairs to the screens getting set for tomorrow. First quarter GDP in the UK is released and strategists at RBS explained that they expect a still-solid, though below consensus, 0.8% q/q result. “While this won't be consistent with a significant slowdown by any stretch, it should calm calls about notions of a marked reacceleration in GDP. More broadly, a lot of positive economic sentiment is likely already built into GBP, and CFTC data shows speculative accounts on the IMM are currently holding a net long GBP position that is only slightly below the largest net long seen since 2007” They finished by say that, on balance, they see this week's UK data and events (including UK manufacturing PMI later this week) playing marginally GBP negative”
GBP/USD daily chart
Looking to a daily chart, we see that RSI is neutral at 61.77. The 200 SMA is currently at 1.6809, up from 1.6803 at the last period close, and climbing on the hourly GBP/USD chart. Moving in an upward trend, the exponential average closing price is 1.6740.
GBP/USD Levels
With spot trading at 1.6812, we can see next resistance ahead at 1.6818 (Hourly 20 EMA), 1.6824 (Monthly High), 1.6824 (Weekly High), 1.6824 (Annual High) and 1.6824 (3 Year High). Support below can be found at 1.6808 (Daily Classic PP), 1.6807 (Hourly 100 SMA), 1.6806 (Daily Open), 1.6803 (Hourly 200 SMA) and 1.6801 (Weekly Classic PP).
GBP/USD has been a big mover on the day, hitting the highs on stops and a rally post the wake of Pfizer officially confirming their interest in AstraZeneca. The pair has come back down to earth and traders are pulling u the chairs to the screens getting set for tomorrow. First quarter GDP in the UK is released and strategists at RBS explained that they expect a still-solid, though below consensus, 0.8% q/q result. “While this won't be consistent with a significant slowdown by any stretch, it should calm calls about notions of a marked reacceleration in GDP. More broadly, a lot of positive economic sentiment is likely already built into GBP, and CFTC data shows speculative accounts on the IMM are currently holding a net long GBP position that is only slightly below the largest net long seen since 2007” They finished by say that, on balance, they see this week's UK data and events (including UK manufacturing PMI later this week) playing marginally GBP negative”
GBP/USD daily chart
Looking to a daily chart, we see that RSI is neutral at 61.77. The 200 SMA is currently at 1.6809, up from 1.6803 at the last period close, and climbing on the hourly GBP/USD chart. Moving in an upward trend, the exponential average closing price is 1.6740.
GBP/USD Levels
With spot trading at 1.6812, we can see next resistance ahead at 1.6818 (Hourly 20 EMA), 1.6824 (Monthly High), 1.6824 (Weekly High), 1.6824 (Annual High) and 1.6824 (3 Year High). Support below can be found at 1.6808 (Daily Classic PP), 1.6807 (Hourly 100 SMA), 1.6806 (Daily Open), 1.6803 (Hourly 200 SMA) and 1.6801 (Weekly Classic PP).