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17 Jun 2013
GBP/USD remains bid in 1.5720’s
FXstreet.com (London) - GBP/USD has stuck to it’s guns around the 200d ma post better than expected, albeit third tier data.
GBP/USD ticked up
GBP/USD has actually moved in towards 1.5730 after the release of The Empire State Manufacturing Survey for New York business conditions. The data came in better than expected as 7.84 vrs a consensus of 0.00 and a previous reading -1.43. While the market is unlikely to react significantly to such data, especially ahead of first rate fundamentals for the wider economy which we will see later on in the week, nevertheless, the pair has moved slightly higher and remains bid post this release.
GBP/USD bearish signals
Saeed Amen, strategist at Nomura, explains that Spot is higher. He keeps their bearish view. First, he say’s, the RSI has dipped from overbought, suggesting a short-term high has been reached. Also bandwidth is reaching very high levels, suggesting that the breakout is getting close to exhaustion. Hence, a pullback seems reasonable. His target is
1.5600.
GBP/USD ticked up
GBP/USD has actually moved in towards 1.5730 after the release of The Empire State Manufacturing Survey for New York business conditions. The data came in better than expected as 7.84 vrs a consensus of 0.00 and a previous reading -1.43. While the market is unlikely to react significantly to such data, especially ahead of first rate fundamentals for the wider economy which we will see later on in the week, nevertheless, the pair has moved slightly higher and remains bid post this release.
GBP/USD bearish signals
Saeed Amen, strategist at Nomura, explains that Spot is higher. He keeps their bearish view. First, he say’s, the RSI has dipped from overbought, suggesting a short-term high has been reached. Also bandwidth is reaching very high levels, suggesting that the breakout is getting close to exhaustion. Hence, a pullback seems reasonable. His target is
1.5600.