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13 Aug 2013

GBP/USD working off overbought condition with current pullback

FXstreet.com (Barcelona) - GBP/USD has pulled back mildly over the last few sessions as tapering-related Dollar strength has dragged the cross lower.

British CPI data and US retail sales to drive GBP/USD in the short-term

As there has been light data flow for Britain and the US over the last few days, the GBP/USD has been reacting more to rumors and speculation surrounding the potential commencement of the US Fed’s “tapering” program. That speculation has caused the GBP/USD to pull back rather gently after a ferocious rally the previous five sessions.

Tuesday will bring a pick-up in the data flow for the two countries as Britain will release their CPI, PPI and industrial price data at 08:30 GMT and the US will release retail sales figures at 12:30 GMT.

Technical outlook for GBP/USD

Technicians are still holding onto an intermediate-term downside target at 1.4831, but now acknowledge that GBP/USD will first likely run up to 1.5738 (from 1.5486 currently) before making the big downside move. Shorter-term resistance comes in at Friday’s peak of 1.5573 and is followed by the May 3rd peak at 1.5601 while short-term support comes in at the 38.2% Fibonacci retracement of the 8/7 – 8/8 move higher.
Aug 13, 2013

EUR/GBP treading water above 0.86 ahead of UK CPI

The EUR/GBP foreign exchange cross rate is last trading flat for the week at 0.8608, off yesterday's double weekly low at 0.8580, same lows as of past Wednesday, ahead of key UK CPI data at 08:30 GMT, followed by German ZEW and EU industrial production half hour later.
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Aug 13, 2013

GBP/JPYGBP/JPY breaks through 150.60 zone

GBP/JPY jumped from 149.20 zone to 150.60 zone the past 12 hours within minutes.
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