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27 Aug 2013
GBP/USD above 1.5500 ahead of US data
FXstreet.com (Athens) - The GBP/USD tumbles on Tuesday on ‘risk-off’ mode.
Will tomorrow’s Mc Carney speech give uptrend momentum to GBP/USD?
Just a few minutes ahead of US Case-Shiller release, the ‘cable’ managed to pare a small portion of its daily losses, rebounding again over 1.5500 area. Escalation in the Syrian conflict, brought back ‘risk-aversion’ across the board, therefore the sterling lost solid ground against its major counter-part. However, more is expected from Mr Carney in a lunchtime speech he is due to make tomorrow. The Confederation of British Industry has made some bullish comments about the prospects of the UK economy as doubts continue over just how dovish the new BOE’s governor has been with his forward guidance.
Technical outlook on GBP/USD
At the time of writing, GBP/USD is trading at 1.5508, after having reached a daily low of 1.5481. The FXstreet.com Trend Index shows the pair to be slightly bearish and in an oversold momentum.. Daily pivot point support and resistance can be found at S3: 1.5480 S2: 1.5425 S1: 1.5400 R1:1.5614 R2:1.5643 R3:1.5682
Will tomorrow’s Mc Carney speech give uptrend momentum to GBP/USD?
Just a few minutes ahead of US Case-Shiller release, the ‘cable’ managed to pare a small portion of its daily losses, rebounding again over 1.5500 area. Escalation in the Syrian conflict, brought back ‘risk-aversion’ across the board, therefore the sterling lost solid ground against its major counter-part. However, more is expected from Mr Carney in a lunchtime speech he is due to make tomorrow. The Confederation of British Industry has made some bullish comments about the prospects of the UK economy as doubts continue over just how dovish the new BOE’s governor has been with his forward guidance.
Technical outlook on GBP/USD
At the time of writing, GBP/USD is trading at 1.5508, after having reached a daily low of 1.5481. The FXstreet.com Trend Index shows the pair to be slightly bearish and in an oversold momentum.. Daily pivot point support and resistance can be found at S3: 1.5480 S2: 1.5425 S1: 1.5400 R1:1.5614 R2:1.5643 R3:1.5682