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2 Aug 2013
GBP/USD mustering a modest bounce after five straight down sessions
FXstreet.com (Barcelona) - The British Pound / US Dollar cross (GBPUSD) is just above the flat line early Friday after a five day losing streak. US jobs number on Friday likely to be big catalyst despite British housing price data due out shortly.
GBP/USD oversold short-term – only data can help the bulls, though
Clearly, the potential for a big move in either direction exists for GBP/USD with the US non-farm payrolls number at 12:30 GMT. However, traders will certainly be watching home price data due out in Britain at 06:00 GMT to see if the trend of positive and growing numbers from recent months continues.
GBP/USD technical outlook
The technical crowd is calling for a continued intermediate-term move lower – at least down to 1.4800 (from 1.5120 currently). However, given the short-term oversold condition that exists, a relief rally is entirely possible. Shorter-term resistance for GBP/USD comes in at the 1.5176 (50% of Thursday’s range) and is followed by the 1.52417 (Thursday’s peak). Support for GBP/USD comes in at the 7/15 low at 1.5026 and is followed by the 7/9 low at 1.4812.
GBP/USD oversold short-term – only data can help the bulls, though
Clearly, the potential for a big move in either direction exists for GBP/USD with the US non-farm payrolls number at 12:30 GMT. However, traders will certainly be watching home price data due out in Britain at 06:00 GMT to see if the trend of positive and growing numbers from recent months continues.
GBP/USD technical outlook
The technical crowd is calling for a continued intermediate-term move lower – at least down to 1.4800 (from 1.5120 currently). However, given the short-term oversold condition that exists, a relief rally is entirely possible. Shorter-term resistance for GBP/USD comes in at the 1.5176 (50% of Thursday’s range) and is followed by the 1.52417 (Thursday’s peak). Support for GBP/USD comes in at the 7/15 low at 1.5026 and is followed by the 7/9 low at 1.4812.