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16 Aug 2013
GBP/USD sustaining recent gains above 1.5600
FXstreet.com (New York) - The GBP/USD foreign exchange rate has been largely static during US trading, though a recent influx of US data has turned the pair lower Friday.
In the United States, the Reuters/Michigan Consumer Sentiment Index (August) yielded a figure of 80.0, against a projection calling for 85.5. In addition, Housing Starts (MoM) were reported at 0.896M in July, missing estimates of 0.900M. Finally, Building Permits (MoM) came in at 0.943M, against expectations of 0.945M.
The GBP/USD is now trading at 1.5633 after recently moving into negative territory and incurring a marginal decline of -0.03%. On the ascension, the GBP/USD will face resistance at 1.5680, onto 1.5709, and 1.5723. Conversely, the pair will encounter supports at 1.5595, ahead of 1.5565, notes the Danske Research Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD is about to touch the uptrend channel resistance line at 1.5691, a rise above which will have the June peak at 1.5752 in its sights. Just above meanders the 200-week MA at 1.5755 which is to act as resistance. The GBP/USD will remain overall bid while trading above this week’s 1.5424 low. Minor support is now seen around the 1.5574 early August high and then around the 200-day MA at 1.5523.”
In the United States, the Reuters/Michigan Consumer Sentiment Index (August) yielded a figure of 80.0, against a projection calling for 85.5. In addition, Housing Starts (MoM) were reported at 0.896M in July, missing estimates of 0.900M. Finally, Building Permits (MoM) came in at 0.943M, against expectations of 0.945M.
The GBP/USD is now trading at 1.5633 after recently moving into negative territory and incurring a marginal decline of -0.03%. On the ascension, the GBP/USD will face resistance at 1.5680, onto 1.5709, and 1.5723. Conversely, the pair will encounter supports at 1.5595, ahead of 1.5565, notes the Danske Research Team.
GBP/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The GBP/USD is about to touch the uptrend channel resistance line at 1.5691, a rise above which will have the June peak at 1.5752 in its sights. Just above meanders the 200-week MA at 1.5755 which is to act as resistance. The GBP/USD will remain overall bid while trading above this week’s 1.5424 low. Minor support is now seen around the 1.5574 early August high and then around the 200-day MA at 1.5523.”