5 Dec 2013
GBP/USD pushing down on 1.6310 support
FXstreet.com (London) - GBP/USD is offered in a steep decline and is pushing down on 1.6310 level with eyes on the handle.
Strategists at TD Securities said, “As widely expected, the BoE meeting this morning was a non-event, with no changes to the policy rate or asset purchase program and no statement. The next key domestic event for the GBP will be a speech by Carney on Monday, but in the meantime the focus should shift to the US side of the equation for GBPUSD”. There has been a fair number of US data releases out today. As strategist Lee Hardman at The Bank of Tokyo-Mitsubishi UFJ noted, “…the release of the stronger than expected ADP employment survey from the US yesterday has further heightened investor expectations that the Fed may begin to taper QE earlier at the 17th-18th December or 28th-29th January FOMC meetings”. However, tomorrow’s NFP number should be the defining event of the week for the GBP/USD.
GBP/USD Levels
The 20 DMA is 1.6175, the 50 DMA is 1.6119 and the 200 DMA is 1.5558. RSI (14) reads 31.63. Supports are ascending from 1.6298 and 1.6310. Spot is 1.6319 with resistances at 1.6326, 1.6336, 1.6425, 1.6443, 1.6455 and 1.6475
Strategists at TD Securities said, “As widely expected, the BoE meeting this morning was a non-event, with no changes to the policy rate or asset purchase program and no statement. The next key domestic event for the GBP will be a speech by Carney on Monday, but in the meantime the focus should shift to the US side of the equation for GBPUSD”. There has been a fair number of US data releases out today. As strategist Lee Hardman at The Bank of Tokyo-Mitsubishi UFJ noted, “…the release of the stronger than expected ADP employment survey from the US yesterday has further heightened investor expectations that the Fed may begin to taper QE earlier at the 17th-18th December or 28th-29th January FOMC meetings”. However, tomorrow’s NFP number should be the defining event of the week for the GBP/USD.
GBP/USD Levels
The 20 DMA is 1.6175, the 50 DMA is 1.6119 and the 200 DMA is 1.5558. RSI (14) reads 31.63. Supports are ascending from 1.6298 and 1.6310. Spot is 1.6319 with resistances at 1.6326, 1.6336, 1.6425, 1.6443, 1.6455 and 1.6475