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12 Aug 2013
GBP/USD finds support at 1.5470
FXstreet.com (Edinburgh) -The steep decline of the GBP/USD seems to have bottomed out around the region of 1.5470 on Monday, following a sharp pullback in the risk appetite.
GBP/USD focus on key UK data
Relevant week for the sterling, as several critical releases are due in the upcoming sessions: consumer prices, the BoE minutes, unemployment rate and retail sales. After the less dovish than expected BoE’s Quarterly Inflation Report, the pound would look to extend its bullish momentum and positive results would point to confirm the incipient recovery in the British economy. Lee Hardman, Currency Analyst at BTMU, commented, “The more positive economic growth outlook outlined in the August Inflation Report highlights that the MPC views that the guidance will support growth through helping to maintain low rates”.
GBP/USD key levels
At the moment the pair is retreating 0.05% at 1.5482 facing the immediate support at 1.5412 (38.2% of 1.6380-1.4814) ahead of 1.5357 (MA10d) and finally 1.5315 (MA100d). On the upside, a break above 1.5521 (high Aug.12) would aim for 1.5532 (MA200d) and then 1.5558 (high Aug.9).
GBP/USD focus on key UK data
Relevant week for the sterling, as several critical releases are due in the upcoming sessions: consumer prices, the BoE minutes, unemployment rate and retail sales. After the less dovish than expected BoE’s Quarterly Inflation Report, the pound would look to extend its bullish momentum and positive results would point to confirm the incipient recovery in the British economy. Lee Hardman, Currency Analyst at BTMU, commented, “The more positive economic growth outlook outlined in the August Inflation Report highlights that the MPC views that the guidance will support growth through helping to maintain low rates”.
GBP/USD key levels
At the moment the pair is retreating 0.05% at 1.5482 facing the immediate support at 1.5412 (38.2% of 1.6380-1.4814) ahead of 1.5357 (MA10d) and finally 1.5315 (MA100d). On the upside, a break above 1.5521 (high Aug.12) would aim for 1.5532 (MA200d) and then 1.5558 (high Aug.9).