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19 Jun 2013
GBP/USD top of trend line
FXstreet.com (London) - GBP/USD has climbed to reach the top of the descending trend line at 1.5645 after plummeting from 1.5720 yesterday.
GBP/USD was subject to a raft of economic data for both the UK and US yesterday, which came as a mixed bag for both counterparts. In the UK, core CPI YoY gave the pound a lift earlier on in the session, coming in beating expectations at 2.2% vrs 2.1% expected and up on 2% previous. For the US, in the afternoon, Building Permits fell month on month from 1.005m to 0.974m, below a consensus if 0.975m. Housing Starts printed a poorer number than the consensus, 0.914m vrs 0.950m beat came in higher than the previous 0.856m. Meanwhile, CPI ex Food and energy mom reads 1.7% and keeps in line with both consensus and previous. Coming up today, BoE Minutes and then in the afternoon, FOMC.
GBP/USD failing to the upside
GBP/USD failed yesterday as expected, noted Karen Jones, an analyst at Commerzbank. She said the divergence of the daily RSI, together with the 200 day moving average at 1.5697 and the 13 count on the daily and the TD perfected set up all warned of the impending correction lower. This move lower is indicated to terminate circa 1.5510/1.5450 she explained and in order to gain some downside traction the market will need to break back below there.
GBP/USD was subject to a raft of economic data for both the UK and US yesterday, which came as a mixed bag for both counterparts. In the UK, core CPI YoY gave the pound a lift earlier on in the session, coming in beating expectations at 2.2% vrs 2.1% expected and up on 2% previous. For the US, in the afternoon, Building Permits fell month on month from 1.005m to 0.974m, below a consensus if 0.975m. Housing Starts printed a poorer number than the consensus, 0.914m vrs 0.950m beat came in higher than the previous 0.856m. Meanwhile, CPI ex Food and energy mom reads 1.7% and keeps in line with both consensus and previous. Coming up today, BoE Minutes and then in the afternoon, FOMC.
GBP/USD failing to the upside
GBP/USD failed yesterday as expected, noted Karen Jones, an analyst at Commerzbank. She said the divergence of the daily RSI, together with the 200 day moving average at 1.5697 and the 13 count on the daily and the TD perfected set up all warned of the impending correction lower. This move lower is indicated to terminate circa 1.5510/1.5450 she explained and in order to gain some downside traction the market will need to break back below there.