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31 Mar 2014
GBP/USD popping up to make fresh high 1.6667
FXStreet (Guatemala) - GBP/USD has been holding its own despite poor data from the UK and is making fresh highs on the day.
UK data poor should be for GBP
Strategists at TD Securities explained from the calendar today that the UK mortgage approvals slid from 76.8K in Jan (a 6y high) to 70.3K in Feb (mkt 75K), their lowest reading since Oct 2013. “We have to believe that this is a statistical quirk and something that will rebound next month, as retail sales for the month suggest that consumers are still going strong”.
GBP/USD Levels
The 20 DMA is 1.6613, the 50 DMA is 1.6576 and the 200 DMA is 1.6058. RSI (14) reads 49.67. Supports are ascending from 1.6481, 1.6509, 1.6540, 1.6599,
1.6630. Spot is 1.6661 with resistances at 1.6719, 1.6745 and 1.6787.
UK data poor should be for GBP
Strategists at TD Securities explained from the calendar today that the UK mortgage approvals slid from 76.8K in Jan (a 6y high) to 70.3K in Feb (mkt 75K), their lowest reading since Oct 2013. “We have to believe that this is a statistical quirk and something that will rebound next month, as retail sales for the month suggest that consumers are still going strong”.
GBP/USD Levels
The 20 DMA is 1.6613, the 50 DMA is 1.6576 and the 200 DMA is 1.6058. RSI (14) reads 49.67. Supports are ascending from 1.6481, 1.6509, 1.6540, 1.6599,
1.6630. Spot is 1.6661 with resistances at 1.6719, 1.6745 and 1.6787.