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17 Sep 2013
GBP/USD flat-lining around 1.5900
FXstreet.com (Edinburgh) -The sterling is extending some sort of consolidation pattern on Tuesday, driving the GBP/USD around the key limestone at 1.5900.
GBP/USD eyes on BoE
The next event risk in the UK docket will be tomorrow’s release of the BoE minutes. Traders’ attention will be in the voting pattern, looking for a continuation of the recent unanimous vote favouring the current status quo against the backdrop of a decent recovery in the British economy. In light of the UK Retail Sales due on Friday, strategists at HSBC recommended, “we would cut GBP-USD longs ahead of the retail sales data on Friday and sell GBP on the crosses. We are more bearish than the consensus, believing last month’s gain was largely weather related. Real wages growth is negative and high street retailers still sound downbeat”.
GBP/USD key levels
The pair is now up 0.05% at 1.5908 with the immediate resistance at 1.5963 (high Sep.16) followed by 1.6008 (high Jan.18) and finally 1.6040 (high Jan.17). On the flip side, a breakdown of 1.5869 (low Sep.16) would open the door to 1.5776 (low Sep.13) and then 1.5760 (MA10d).
GBP/USD eyes on BoE
The next event risk in the UK docket will be tomorrow’s release of the BoE minutes. Traders’ attention will be in the voting pattern, looking for a continuation of the recent unanimous vote favouring the current status quo against the backdrop of a decent recovery in the British economy. In light of the UK Retail Sales due on Friday, strategists at HSBC recommended, “we would cut GBP-USD longs ahead of the retail sales data on Friday and sell GBP on the crosses. We are more bearish than the consensus, believing last month’s gain was largely weather related. Real wages growth is negative and high street retailers still sound downbeat”.
GBP/USD key levels
The pair is now up 0.05% at 1.5908 with the immediate resistance at 1.5963 (high Sep.16) followed by 1.6008 (high Jan.18) and finally 1.6040 (high Jan.17). On the flip side, a breakdown of 1.5869 (low Sep.16) would open the door to 1.5776 (low Sep.13) and then 1.5760 (MA10d).