6 Sep 2013
GBP/USD bounces off lows and initiates recovery
FXstreet.com (Lisbon) - The GBP/USD foreign exchange rate bounced off earlier lows at 1.5567 Friday, thereby retracing higher and paring its daily losses.
Earlier today in the United Kingdom, Industrial Production (YoY) fell -1.6% in July, beating estimates of -1.7%. In addition, Consumer Inflation expectations were reported at 3.2%, compared with a figure of 3.6% previously. Manufacturing Production (YoY) also notched -0.7% in July, which bested a projection calling for -0.8%. Meanwhile, the Goods Trade Balance (July) yielded £-9.853B, missing estimates of £-8.150B.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD’s attempt to stabilize above 88.6% correction at 1.5645 failed, whereas Linear Regression Indicator 34 failed the bullish attempts. Stochastic is currently showing a negative crossover in levels reflect overbought signals, as RSI is moving in a general bearish bias. Therefore, the possibility of a downside move is valid today.”
GBP/USD technical levels
In these moments the GBP/USD is now operating at 1.5586, still incurring a marginal fall of -0.01% during European trading. Technically speaking, the GBP/USD will look to face supports at 1.5556, ahead of 1.5516, and 1.5461, notes the Mataf.net Analyst Team.
Earlier today in the United Kingdom, Industrial Production (YoY) fell -1.6% in July, beating estimates of -1.7%. In addition, Consumer Inflation expectations were reported at 3.2%, compared with a figure of 3.6% previously. Manufacturing Production (YoY) also notched -0.7% in July, which bested a projection calling for -0.8%. Meanwhile, the Goods Trade Balance (July) yielded £-9.853B, missing estimates of £-8.150B.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD’s attempt to stabilize above 88.6% correction at 1.5645 failed, whereas Linear Regression Indicator 34 failed the bullish attempts. Stochastic is currently showing a negative crossover in levels reflect overbought signals, as RSI is moving in a general bearish bias. Therefore, the possibility of a downside move is valid today.”
GBP/USD technical levels
In these moments the GBP/USD is now operating at 1.5586, still incurring a marginal fall of -0.01% during European trading. Technically speaking, the GBP/USD will look to face supports at 1.5556, ahead of 1.5516, and 1.5461, notes the Mataf.net Analyst Team.