10 Oct 2013
GBP/USD stronger but capped below 1.3550
FXstreet.com (Chicago) - GBP/USD extends the short-term bullish channel printing higher highs and lows ahead of Wall Street’s closing on potential US government shutdown finale.
Data recap
Amid rumors on potential US shutdown end on republicans’ proposal to extend the debt ceiling deadline, equity markets stretch higher. In the UK, the BoE was maintained at 0.5% similarly to the BoE asset purchase facility at 375B pounds. In the US, disappointing job market data was also released with initial jobless claims at 347K vs. expected 310K.
GBP/USD Technical Levels
Price action reveals a potential reversal consolidating with primary and secondary trends pointing down. Short-term price action diverges and prints higher lows and highs in the afternoon of the American trading session after bouncing from 1.5913 session lows. Offered at 1.5972, the pair oscillates between supports aligned at 1.5953 (September 24th lows), 1.5915 (October 9th lows) ahead of 1.5886 (September 17th lows) and the resistances set at 1.6014 (September 23rd lows), 1.6095 (October 7th highs) ahead of 1.6158 (October 2nd lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
Data recap
Amid rumors on potential US shutdown end on republicans’ proposal to extend the debt ceiling deadline, equity markets stretch higher. In the UK, the BoE was maintained at 0.5% similarly to the BoE asset purchase facility at 375B pounds. In the US, disappointing job market data was also released with initial jobless claims at 347K vs. expected 310K.
GBP/USD Technical Levels
Price action reveals a potential reversal consolidating with primary and secondary trends pointing down. Short-term price action diverges and prints higher lows and highs in the afternoon of the American trading session after bouncing from 1.5913 session lows. Offered at 1.5972, the pair oscillates between supports aligned at 1.5953 (September 24th lows), 1.5915 (October 9th lows) ahead of 1.5886 (September 17th lows) and the resistances set at 1.6014 (September 23rd lows), 1.6095 (October 7th highs) ahead of 1.6158 (October 2nd lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.