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13 Jun 2013
GBP/USD dropping on positive US data
FXstreet.com (London) - US data in the form of retail sales were in line, but the jobless number was better than expected, and a combination of the two have given the dollar a boost.
GBP/USD dropped 1.5676 to 1.5648
GBP/USD dropped as might be expected from dizzy heights to contend at the lows of the day but quickly gathered itself back to trade in the areas of just below the pivot 1.5670. US Jun 7 Initial Jobless Claims decreases to 334K vs 346K while US May Retail Sales (MoM) are up to 0.6% vs 0.1% in Apr. Ex-autos 0.3% vs. -0.1%.
GBP/USD 200 d ma last defence
Axel Rudolph, Senior Analysts for Commerbank said that GBP/USD is nearing the top of its 3 month up channel and 200 day moving average at 1.5701/03. This resistance area they expect to cap. They suspect that we are now trading towards the end of the corrective move higher. He explained that break below the 1.5490 June 7 low is needed to alleviate immediate upside pressure and signal a slide back to the 55 day moving average at 1.5334 en route to the base of the channel at 1.5044. However, he warns that above 1.5703 lies the 1.5797 200 week moving average and 1.6040, the 78.6% Fibonacci retracement of the down move seen this year.
GBP/USD dropped 1.5676 to 1.5648
GBP/USD dropped as might be expected from dizzy heights to contend at the lows of the day but quickly gathered itself back to trade in the areas of just below the pivot 1.5670. US Jun 7 Initial Jobless Claims decreases to 334K vs 346K while US May Retail Sales (MoM) are up to 0.6% vs 0.1% in Apr. Ex-autos 0.3% vs. -0.1%.
GBP/USD 200 d ma last defence
Axel Rudolph, Senior Analysts for Commerbank said that GBP/USD is nearing the top of its 3 month up channel and 200 day moving average at 1.5701/03. This resistance area they expect to cap. They suspect that we are now trading towards the end of the corrective move higher. He explained that break below the 1.5490 June 7 low is needed to alleviate immediate upside pressure and signal a slide back to the 55 day moving average at 1.5334 en route to the base of the channel at 1.5044. However, he warns that above 1.5703 lies the 1.5797 200 week moving average and 1.6040, the 78.6% Fibonacci retracement of the down move seen this year.