8 Aug 2013
GBP/USD losing the 1.5500 handle
FXstreet.com (Barcelona) - GBP/USD was a volatile mix yesterday after the release of the Quarterly Inflation Report and during the press conference.
GBP/USD has ended up at highs not seen since June after initially dropping on the release to make a low of 1.5206. The pair raced a high of 1.5532. The pair currently is testing the 1.5500 handle. As a result of the report, markets now understand unemployment at 7% is the target and is the threshold where base rates might be considered again. Until then, QE could be extended should the economic conditions require it, but for the time being, the UK economy is set to improve without it at the slowest rate in history and rates are expected to remain on hold for an extended period of time.
GBP/USD testing 1.5500 handle
GBP/USD has been offered through the 1.5500 handle in London markets. The 20 dma is1.5288, 50 dma 1.5330, 200 dma 1.5536. RSI (9) reads 66.22. Supports are ascending from 1.5205, 1.5259, 1.5310, 1.5375, and 1.5490. Spot I currently testing the 1.5500 handle and resistances come in at 1.5534, 1.5565, 1.5603 and 1.5680.
GBP/USD has ended up at highs not seen since June after initially dropping on the release to make a low of 1.5206. The pair raced a high of 1.5532. The pair currently is testing the 1.5500 handle. As a result of the report, markets now understand unemployment at 7% is the target and is the threshold where base rates might be considered again. Until then, QE could be extended should the economic conditions require it, but for the time being, the UK economy is set to improve without it at the slowest rate in history and rates are expected to remain on hold for an extended period of time.
GBP/USD testing 1.5500 handle
GBP/USD has been offered through the 1.5500 handle in London markets. The 20 dma is1.5288, 50 dma 1.5330, 200 dma 1.5536. RSI (9) reads 66.22. Supports are ascending from 1.5205, 1.5259, 1.5310, 1.5375, and 1.5490. Spot I currently testing the 1.5500 handle and resistances come in at 1.5534, 1.5565, 1.5603 and 1.5680.