13 Dec 2013
GBP/USD shallow ahead of key week ahead
FXstreet.com (London) - GBP/USD is ending the week a great deal lower having dropped over two big figures since Monday’s high of 1.6467.
The US dollar has come into form on the week and Sterling has dropped into the 1.62 handle in a sharp decline ahead of FOMC next week and key UK data releases on subjects and days as follows, Inflation (Tuesday), Labour market report (Wednesday), MPC minutes (Wednesday), Retail sales (Thursday), GDP (Friday) and Public finances (Friday). Strategists at TD Securities explained, “The long term charts are also showing signs of a turn lower, particularly with a weekly close below 1.63”.
GBP/USD Levels
The 20 DMA is 1.6283, the 50 DMA is 1.6146 and the 200 DMA is 1.5597. RSI (14) reads 39.11. Supports are ascending 1.6255 and 1.6277. Spot is currently 1.6287 with resistances at 1.6294, 1.6316, 1.6420, 1.6446,1.6468 and 1.6475.
The US dollar has come into form on the week and Sterling has dropped into the 1.62 handle in a sharp decline ahead of FOMC next week and key UK data releases on subjects and days as follows, Inflation (Tuesday), Labour market report (Wednesday), MPC minutes (Wednesday), Retail sales (Thursday), GDP (Friday) and Public finances (Friday). Strategists at TD Securities explained, “The long term charts are also showing signs of a turn lower, particularly with a weekly close below 1.63”.
GBP/USD Levels
The 20 DMA is 1.6283, the 50 DMA is 1.6146 and the 200 DMA is 1.5597. RSI (14) reads 39.11. Supports are ascending 1.6255 and 1.6277. Spot is currently 1.6287 with resistances at 1.6294, 1.6316, 1.6420, 1.6446,1.6468 and 1.6475.