22 Jul 2013
GBP/USD clinging on to July highs
FXstreet.com (London) - GBP/USD is trading at daily highs, printing 1.5299 overnight and has held within range in the opening hours of the European market and London.
After and initial set of offers to begin with, GBP/USD is holding onto territory here and between 1.5278/92. Data wise, there is little key information this week specifically from the UK nor the US, although we will see Q2 GDP for the UK on Thursday and US GDP for June as well. Today from the US we have Chicago Fed and Existing Homes Sales in the afternoon.
GBP/USD Corrective?
GBP/USD has been drifting higher on the previous sessions to reach the 55 day ma but has been unable to clear 1.5305 resistance. If this is just a corrective rebound from the support 1.4850 area in the overall bear trend, then failures may well persist here, the July high.
After and initial set of offers to begin with, GBP/USD is holding onto territory here and between 1.5278/92. Data wise, there is little key information this week specifically from the UK nor the US, although we will see Q2 GDP for the UK on Thursday and US GDP for June as well. Today from the US we have Chicago Fed and Existing Homes Sales in the afternoon.
GBP/USD Corrective?
GBP/USD has been drifting higher on the previous sessions to reach the 55 day ma but has been unable to clear 1.5305 resistance. If this is just a corrective rebound from the support 1.4850 area in the overall bear trend, then failures may well persist here, the July high.