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5 Feb 2013

Forex: GBP/USD tests 1.5700 support after US data

The GBP/USD has been trading under pressure today, and after the spike high to 1.5804 on better than expected UK PMI Services data, the market became weak again, heading back to the 1.5700 support, where it has been holding the downside since January 28.

The pair has been testing the handle since the US opening and now, after the release of US data, the pair reached as low as 1.5691. The pair trades at 1.5700, as of writing.

Non-manufacturing PMI surprised the market with a rise from 56.5 to 57.3 in January, beating the consensus of a drop to 55.8.

From 46.5, economic optimism in the US rose to 47.3 in January, according to IBD/TIPP, beating consensus of 46.1.
"The intraday bias here is positive, for a rise towards 1.5850-60 area before another downswing for a test of 1.5673 low", wrote Deltastock.com analyst Stoyan Mihaylov.
Feb 5, 2013

Forex Flash: RBA on hold but with a dovish statement – BBH

Brown Brothers Harriman analysts note that the RBA left rates on hold as expected, and issued a dovish statement.
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Feb 5, 2013

Forex Flash: USD/CAD buying dips for 1.02/1.03 target – TD Securities

TD Securities analysts say that the USD/CAD price action looks a little more constructive still today, with the short-term (hourly chart) showing price moves over the past three days carving out a potential inverse H&S reversal (neckline trigger at 0.9992): "The scale of the formation suggests upside scope of only 50 ticks or so from 0.9992 but a move up from current levels would be in line with the positive technical undertone for funds we highlighted yesterday", wrote analysts Shaun Osborne and Greg Moore.
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