22 Dec 2014
GBP/USD contained in familiar ranges and illiquid
FXStreet (Guatemala) - GBP/USD bounced back off the lows last week and had resumed the 1.5620/80 channel range into the close.
Last week, the RSI had been a good gauge on the hourly charts to pick the top and bottom of the fluctuations with 1.5720/30 being the peak at which RSI reads at 70 forming resistance beyond 1.5680.
Although starting off in very illiquid conditions, we still have a number of data releases lined up for the week, while specifically for Sterling will be the final reading of Q3 GDP. Analysts at TD Securities explained that they are looking for an upward revision from 0.7% to 0.8%, after the ONS revised construction activity for the quarter to double its previous pace. “Markets will be hoping to see an upward revision to business investment, which disappointed with its first contraction in 5 quarters with the last estimate”.
Last week, the RSI had been a good gauge on the hourly charts to pick the top and bottom of the fluctuations with 1.5720/30 being the peak at which RSI reads at 70 forming resistance beyond 1.5680.
Although starting off in very illiquid conditions, we still have a number of data releases lined up for the week, while specifically for Sterling will be the final reading of Q3 GDP. Analysts at TD Securities explained that they are looking for an upward revision from 0.7% to 0.8%, after the ONS revised construction activity for the quarter to double its previous pace. “Markets will be hoping to see an upward revision to business investment, which disappointed with its first contraction in 5 quarters with the last estimate”.