7 Jun 2013
GBP/USD 1.5685 high
FXstreet.com (London) - GBP/USD has benefitted from a poor set of data this week for the dollar.
Ahead of NFP’s today as the main event of the week for the dollar, GBP/USD had been drifting higher over the week with MACD crossing over the zero line, it has rallied sharply to reach the top of the three month channel and 200 day ma. Above here lies 1.5806 and 200 week ma with 1.6040 as the 78.6% retracement of the move seen this year.
“The market will remain bid while above 1.5425/1.5390, only below here will alleviate immediate upside pressure for a slide back to 1.5270 en route to 1.5155 (retracements of this recent leg higher),’’ said Karen Jones, Senior Analyst at Commerzbank. While teams at ICN suggested that the general trend over short-term basis is to the downside as far as areas of 1.5770 remains intact targeting 1.4355.
Ahead of NFP’s today as the main event of the week for the dollar, GBP/USD had been drifting higher over the week with MACD crossing over the zero line, it has rallied sharply to reach the top of the three month channel and 200 day ma. Above here lies 1.5806 and 200 week ma with 1.6040 as the 78.6% retracement of the move seen this year.
“The market will remain bid while above 1.5425/1.5390, only below here will alleviate immediate upside pressure for a slide back to 1.5270 en route to 1.5155 (retracements of this recent leg higher),’’ said Karen Jones, Senior Analyst at Commerzbank. While teams at ICN suggested that the general trend over short-term basis is to the downside as far as areas of 1.5770 remains intact targeting 1.4355.