28 Jun 2013
GBP/USD on the back foot
FXstreet.com (London) - GBP/USD has opened the Euopean session attracting offers after a poor set of housing data.
House prices in the UK measured by the Nationwide Housing Prices dropped mom from 0.4%-0.3% but mostly alarming they fell from 1.1% to 1.9% yoy and below consensus. GBP/USD has inched away from the overnight highs of 1.5281 to test 1.5270. There is little on the calendar left for the pair today, except for several Fed speeches which are likely to reiterate that the Fed still sees the first rate hike far away. Also, although second tier, the final print of the Michigan Confidence index is expected in the afternoon and to be revised higher.
GBP/USD targeting lower
GBP/USD had recovered overnight from 1.5200 to 1.5281, although Karen Jones at Commerzbank suggest that the pair looks set to erode the base of the cloud at 1.5218 and the 61.8% retracement at 1.5183. Her team targets the support line at 1.5079 and slightly longer term the 1.5009 May low and then the 1.4832 March low.
House prices in the UK measured by the Nationwide Housing Prices dropped mom from 0.4%-0.3% but mostly alarming they fell from 1.1% to 1.9% yoy and below consensus. GBP/USD has inched away from the overnight highs of 1.5281 to test 1.5270. There is little on the calendar left for the pair today, except for several Fed speeches which are likely to reiterate that the Fed still sees the first rate hike far away. Also, although second tier, the final print of the Michigan Confidence index is expected in the afternoon and to be revised higher.
GBP/USD targeting lower
GBP/USD had recovered overnight from 1.5200 to 1.5281, although Karen Jones at Commerzbank suggest that the pair looks set to erode the base of the cloud at 1.5218 and the 61.8% retracement at 1.5183. Her team targets the support line at 1.5079 and slightly longer term the 1.5009 May low and then the 1.4832 March low.