14 Mar 2014
GBP/USD muted after UK data
FXStreet (Edinburgh) - The GBP/USD kept the 1.6610/20 region despite the UK trade data disappointed investors during January.
GBP/USD keeps 1.6620
The UK trade deficit widened to £9.79 billion during January, missing the median at £8.7 billion and up from £7.66 billion in the previous month. There are no more releases in the UK economy today, with market participants now focusing on US producer prices and the preliminary gauge of the Reuters/Michigan index. “We still remain unable to rule out further stabs higher and currently cannot discount a move towards 1.7041/51 (although this is not our favoured scenario)”, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.
GBP/USD levels to consider
The pair is now losing 0.07% at 1.6611 with the next support at 1.6594 (low Mar.14) followed by 1.6568 (low Mar.12) and then 1.6500 (psychological level). On the flip side, a breakout of 1.6719 (high Mar.13) would expose 1.6745 (high Mar.10) and finally 1.6785 (high Mar.7).
GBP/USD keeps 1.6620
The UK trade deficit widened to £9.79 billion during January, missing the median at £8.7 billion and up from £7.66 billion in the previous month. There are no more releases in the UK economy today, with market participants now focusing on US producer prices and the preliminary gauge of the Reuters/Michigan index. “We still remain unable to rule out further stabs higher and currently cannot discount a move towards 1.7041/51 (although this is not our favoured scenario)”, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.
GBP/USD levels to consider
The pair is now losing 0.07% at 1.6611 with the next support at 1.6594 (low Mar.14) followed by 1.6568 (low Mar.12) and then 1.6500 (psychological level). On the flip side, a breakout of 1.6719 (high Mar.13) would expose 1.6745 (high Mar.10) and finally 1.6785 (high Mar.7).