8 Apr 2014
GBP/USD the highs; oscillates in 1.6740's
FXStreet (Guatemala) - GBP/USD is up 0.81% on the day, having posted a daily high at 1.6757 and low at 1.6604.
The USD is considerably lower on a lack of risk sentiment and the pound has taken cable on a rally onto the 1.67 handle where it currently consolidates in the 1.6740’s. GBP/USD is also higher on UK fundementals. Jane Foley, Senior Currency Strategist at Rabobank, explained, “The overnight release of the British Chamber of Commerce Q1 survey has indicated that manufacturing was growing consistently and that UK exports orders and sales in services were at all time highs. These upbeat results, however, were tainted with warnings from the BCC that the economy was currently too reliant on consumer spending and that personal debt levels are too high”.
GBP/USD key technical’s
The 200 SMA is currently at 1.6623, down from 1.6626 at the last period close, and declining on the hourly GBP/USD chart. Moving with a rangebound trend, the exponential average closing price is 1.6602.
GBP/USD Levels
With spot trading at 1.6742, we can see next resistance ahead at 1.6746 (Annual High), 1.6746 (3 Year High), 1.6746 (YTD High), 1.6757(Daily High) and 1.6788 (Weekly Classic R3). Support below can be found at 1.6737 (Weekly Classic R2), 1.6693 (Daily Classic R3), 1.6691 (Hourly 20 EMA), 1.6662 (Monthly High) and 1.6659 (Daily Classic R2).
The USD is considerably lower on a lack of risk sentiment and the pound has taken cable on a rally onto the 1.67 handle where it currently consolidates in the 1.6740’s. GBP/USD is also higher on UK fundementals. Jane Foley, Senior Currency Strategist at Rabobank, explained, “The overnight release of the British Chamber of Commerce Q1 survey has indicated that manufacturing was growing consistently and that UK exports orders and sales in services were at all time highs. These upbeat results, however, were tainted with warnings from the BCC that the economy was currently too reliant on consumer spending and that personal debt levels are too high”.
GBP/USD key technical’s
The 200 SMA is currently at 1.6623, down from 1.6626 at the last period close, and declining on the hourly GBP/USD chart. Moving with a rangebound trend, the exponential average closing price is 1.6602.
GBP/USD Levels
With spot trading at 1.6742, we can see next resistance ahead at 1.6746 (Annual High), 1.6746 (3 Year High), 1.6746 (YTD High), 1.6757(Daily High) and 1.6788 (Weekly Classic R3). Support below can be found at 1.6737 (Weekly Classic R2), 1.6693 (Daily Classic R3), 1.6691 (Hourly 20 EMA), 1.6662 (Monthly High) and 1.6659 (Daily Classic R2).