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14 Jun 2013
GBP/USD steady at 1.5630 after PPI
FXstreet.com (London) - GBPUSD had printed a high of 1.5718 and shed over a big figure down to print a low on the day of 1.5616.
GBP/USD steady with more positive US data
GBP/USD is oscillating around 1.5630 currently. Yesterday Jobless Claims decreased to 334K vs 346K while US May Retail Sales (MoM) are up to 0.6% vs 0.1% in Apr. Ex-autos 0.3% vs. -0.1%. There had been a delayed response to the USD friendly outcome, while today, we see May PPI, May industrial production and Michigan confidence for June a little later. TD Securities said for the latter, markets are looking for an unchanged reading of 84.5 after what was already a pretty big jump higher in May. For PPI, markets were looking for a 1.4% YoY but data hit the wires printing 1.7% while PPI excluding food and energy came inline with expectations 1.7%.
GBP/USD caught in bearish tied
Analyst, Axel Rudolph at Commerzbank had said that GBP/USD’s 200d ma resistance area was expected to cap the pair on a daily chart-closing basis. They had suspected that we were trading towards the end of the corrective move higher. Now, he say’s a break below the 1.5490 June 7 low is needed to alleviate immediate upside pressure and would signal a slide back to the 55 day moving average at 1.5344 en route to the base of the channel at 1.5044. He adds that above Thursday’s 1.5736 high lies the 1.5797 200 week moving average and 1.6040, the 78.6% Fibonacci retracement of the down move seen this year.
GBP/USD steady with more positive US data
GBP/USD is oscillating around 1.5630 currently. Yesterday Jobless Claims decreased to 334K vs 346K while US May Retail Sales (MoM) are up to 0.6% vs 0.1% in Apr. Ex-autos 0.3% vs. -0.1%. There had been a delayed response to the USD friendly outcome, while today, we see May PPI, May industrial production and Michigan confidence for June a little later. TD Securities said for the latter, markets are looking for an unchanged reading of 84.5 after what was already a pretty big jump higher in May. For PPI, markets were looking for a 1.4% YoY but data hit the wires printing 1.7% while PPI excluding food and energy came inline with expectations 1.7%.
GBP/USD caught in bearish tied
Analyst, Axel Rudolph at Commerzbank had said that GBP/USD’s 200d ma resistance area was expected to cap the pair on a daily chart-closing basis. They had suspected that we were trading towards the end of the corrective move higher. Now, he say’s a break below the 1.5490 June 7 low is needed to alleviate immediate upside pressure and would signal a slide back to the 55 day moving average at 1.5344 en route to the base of the channel at 1.5044. He adds that above Thursday’s 1.5736 high lies the 1.5797 200 week moving average and 1.6040, the 78.6% Fibonacci retracement of the down move seen this year.