21 Jul 2015
GBP/USD in a chop of a narrow range, waning risk apatite
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5563 with a high of 1.5592 and a low of 1.5528.
GBP/USD is a chop in a consolidation of the recent strength of the greenback while the euro takes the top spot in today's markets on waning risk apatite leaving Sterling exposed to some downside and sees the major taper back along the descending support line which could be worrisome to the bulls considering the free space down to 1.5450 and 1.5365.
The Fed's revisions to industrial production was non supportive to the dollar along with a bid euro with June industrial production +0.2% vs +0.3% that was initially reported while capacity utilisation lowered to 77.8% from 78.4%. For Sterling, Carney is talking this evening at the Policy Exchange reception but this will be at a private event so focus remains with the public event of the BoE minutes tomorrow.
Technically, Karen Jones, Head of FICC Technical Analysis at Commerzbank explained that their negative bias remains intact and they look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here.
GBP/USD is a chop in a consolidation of the recent strength of the greenback while the euro takes the top spot in today's markets on waning risk apatite leaving Sterling exposed to some downside and sees the major taper back along the descending support line which could be worrisome to the bulls considering the free space down to 1.5450 and 1.5365.
The Fed's revisions to industrial production was non supportive to the dollar along with a bid euro with June industrial production +0.2% vs +0.3% that was initially reported while capacity utilisation lowered to 77.8% from 78.4%. For Sterling, Carney is talking this evening at the Policy Exchange reception but this will be at a private event so focus remains with the public event of the BoE minutes tomorrow.
Technically, Karen Jones, Head of FICC Technical Analysis at Commerzbank explained that their negative bias remains intact and they look for rallies to remain capped by 1.5700 and trigger a slide towards support at 1.5171, the June low and favour losses beyond here.