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28 Jan 2015
GBP/USD up move stalled at 1.5220
FXStreet (Edinburgh) - The bid tone remains intact around the pound today, with GBP/USD looking to consolidate the move beyond 1.5200 the figure.
GBP/USD all the focus on the Fed
Despite a sustainable break above the 1.5200 handle remains elusive for GBP-bulls, the pair keeps trading on a better mood and is clinging to the daily gains. Empty docket in the British economy today will leave all the attention to the FOMC meeting due in the European evening, with bouts of volatility expected from the USD-side of the equation. Ahead in the week, home prices tracked by Nationwide will precede the Distributives Trades Survey by CBI and Gfk’s Consumer Confidence, all due tomorrow.
“Near term rallies are expected to find initial resistance at 1.5300, but key resistance is the downtrend at 1.5388, while capped here, our negative bias will remain entrenched”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD key levels
At the moment the pair is flat at 1.5200 with the next support at 1.5121 (10-d MA) followed by 1.5060 (low Jan.27) and then 1.4972 (low Jan.26). On the flip side, a breakout of 1.5223 (high Jan.27) would aim for 1.5235 (high Jan.16) and finally 1.5270 (high Jan.14).
GBP/USD all the focus on the Fed
Despite a sustainable break above the 1.5200 handle remains elusive for GBP-bulls, the pair keeps trading on a better mood and is clinging to the daily gains. Empty docket in the British economy today will leave all the attention to the FOMC meeting due in the European evening, with bouts of volatility expected from the USD-side of the equation. Ahead in the week, home prices tracked by Nationwide will precede the Distributives Trades Survey by CBI and Gfk’s Consumer Confidence, all due tomorrow.
“Near term rallies are expected to find initial resistance at 1.5300, but key resistance is the downtrend at 1.5388, while capped here, our negative bias will remain entrenched”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD key levels
At the moment the pair is flat at 1.5200 with the next support at 1.5121 (10-d MA) followed by 1.5060 (low Jan.27) and then 1.4972 (low Jan.26). On the flip side, a breakout of 1.5223 (high Jan.27) would aim for 1.5235 (high Jan.16) and finally 1.5270 (high Jan.14).