Back
9 Sep 2013
GBP/USD, calm before storm? Still and stalled above 1.5620
FXstreet.com (Chicago) - GBP/USD extends bullish channel despite trading trendless at the opening of the Asian session ahead of housing data and consumer data in the UK and US respectively.
Holding breath?
Price action reveals the pair respects upward trendline despite retracing minimally (2 pips) at the opening of the trading session. Multiple spikes reached last week along a price along bullish channel contribute to pair consolidation above the 1.56 zone. The greenback was affected by underperforming NFP, the rumors on Fed’s tapering and the Congressional vote to determine whether the US will attack Syria or not. Ahead of consumer credit data in the US and the RISC housing price balance in the UK, the pair trades trendless.
GBP/USD Technical Levels
At 1.5629, the pair oscillates between supports at 1.5607 (August 26th highs), 1.5577 (September 5th lows) ahead of 1.5538 (September 2nd lows) and resistances at 1.5659 (September 5th highs), 1.5694 (August 29th highs) followed by 1.5738 (June 17th highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis and is offered above the EMA20.
Holding breath?
Price action reveals the pair respects upward trendline despite retracing minimally (2 pips) at the opening of the trading session. Multiple spikes reached last week along a price along bullish channel contribute to pair consolidation above the 1.56 zone. The greenback was affected by underperforming NFP, the rumors on Fed’s tapering and the Congressional vote to determine whether the US will attack Syria or not. Ahead of consumer credit data in the US and the RISC housing price balance in the UK, the pair trades trendless.
GBP/USD Technical Levels
At 1.5629, the pair oscillates between supports at 1.5607 (August 26th highs), 1.5577 (September 5th lows) ahead of 1.5538 (September 2nd lows) and resistances at 1.5659 (September 5th highs), 1.5694 (August 29th highs) followed by 1.5738 (June 17th highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis and is offered above the EMA20.