5 May 2014
GBP/USD in consolidation mode
FXStreet (Córdoba) - The GBP/USD, as most crosses in the FX market, is enjoying a quiet day following last Friday's volatility, with UK markets closed for holiday.
From a wider view, the GBP/USD is consolidating near multi-year highs as solid UK economic data continues to underpin the pound. The GBP/USD peaked at 1.6917 last Thursday, level last seen Aug 2009. This week, macro data releases include UK services (Tue 6 May), industrial production and construction output (Fri 9 May).
As for today's price action, the Cable has been trading within a 30-pip range, unable to set a fresh direction in the absence of major catalysts. At time of writing, the GBP/USD is quoting at 1.6870, little changed on the day.
GBP/USD technical levels
In terms of technical levels, next resistances could be found at 1.6885 (May 5 high), 1.6900 (psychological level) and 1.6917 (2014 high May 1). On the flip side, supports are seen at 1.6865 (May 5 low), 1.6820 (May 2 low) and 1.6802/00 (20-day SMA/psychological level).
From a wider view, the GBP/USD is consolidating near multi-year highs as solid UK economic data continues to underpin the pound. The GBP/USD peaked at 1.6917 last Thursday, level last seen Aug 2009. This week, macro data releases include UK services (Tue 6 May), industrial production and construction output (Fri 9 May).
As for today's price action, the Cable has been trading within a 30-pip range, unable to set a fresh direction in the absence of major catalysts. At time of writing, the GBP/USD is quoting at 1.6870, little changed on the day.
GBP/USD technical levels
In terms of technical levels, next resistances could be found at 1.6885 (May 5 high), 1.6900 (psychological level) and 1.6917 (2014 high May 1). On the flip side, supports are seen at 1.6865 (May 5 low), 1.6820 (May 2 low) and 1.6802/00 (20-day SMA/psychological level).