24 Jul 2013
GBP/USD in red within the range
FXstreet.com (Edinburgh) -The GBP/USD is posting meager gains at the time of writing, hovering over 1.5355/60 as the GBP rally is showing signs of exhaustion around the key 1.5400 handle.
GBP/USD recovery faltering
Same as its European counterpart, the pound is recovering ground lost in the recent USD rally from mid-June to early July, although the pair seems to lack vigour to surpass 1.5400 the figure so far. In the opinion of Nick Mannion and Paul Robson, Strategists at RBS, “Risks would be more two-way up at 1.54 and turn to downside as spot approaches 1.57. While we’re still concentrating on the policy event risks of early August to provide the next directional signal, talk of sustained recovery in the UK should be mildly GBP supportive. On this, we continue to believe that the scope for UK data to surprise is becoming increasingly limited”.
GBP/USD levels to watch
At the moment the pair is down 0.06% at 1.5358 with the next support at 1.5315 (low Jul.24) ahead of 1.5289 (MA30d) and finally 1.5258 (low Jul.22). On the flip side, a break above 1.5390 (high Jul.24) would open the door to 1.5393 (high Jul.23) and then 1.5442 (high Jun.26).
GBP/USD recovery faltering
Same as its European counterpart, the pound is recovering ground lost in the recent USD rally from mid-June to early July, although the pair seems to lack vigour to surpass 1.5400 the figure so far. In the opinion of Nick Mannion and Paul Robson, Strategists at RBS, “Risks would be more two-way up at 1.54 and turn to downside as spot approaches 1.57. While we’re still concentrating on the policy event risks of early August to provide the next directional signal, talk of sustained recovery in the UK should be mildly GBP supportive. On this, we continue to believe that the scope for UK data to surprise is becoming increasingly limited”.
GBP/USD levels to watch
At the moment the pair is down 0.06% at 1.5358 with the next support at 1.5315 (low Jul.24) ahead of 1.5289 (MA30d) and finally 1.5258 (low Jul.22). On the flip side, a break above 1.5390 (high Jul.24) would open the door to 1.5393 (high Jul.23) and then 1.5442 (high Jun.26).