23 May 2014
GBP/USD losing grip and facing downward pressures
FXStreet (Guatemala) - GBP/USD is trading at 1.6824, down -0.28% on the day, having posted a daily high at 1.6877 and low at 1.6819.
GBP/USD has been supported of late on the BoE and signs that MPC members are becoming less dovish, but the FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish. GBP/USD has taken a step back and gives us a down end to the week so far. However, strategists at Rabobank were rather more optimistic and explained “Consumer spending remains a key driver of UK economic growth and following the 0.8% q/q expansion in GDP in the first quarter it now seems almost inevitable that the UK economy will finally recover its pre-crisis size in Q2. The better data from the UK economy has allowed sterling to outperform all other developed world currencies over the past 12 mths”.
GBP/USD Levels
Spot is presently trading at 1.6825, and next resistance can be seen at 1.6830 (Hourly 200 SMA), 1.6837 (Daily 20 SMA), 1.6842 (Daily Classic S1), 1.6851 (Yesterday's Low) and 1.6854 (Hourly 20 EMA). Next support to the downside can be found at 1.6819 (Daily Low), 1.6815 (Weekly Classic PP), 1.6812 (Daily Classic S2), 1.6810 (Weekly Low) and 1.6774 (Daily Classic S3).
GBP/USD has been supported of late on the BoE and signs that MPC members are becoming less dovish, but the FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish. GBP/USD has taken a step back and gives us a down end to the week so far. However, strategists at Rabobank were rather more optimistic and explained “Consumer spending remains a key driver of UK economic growth and following the 0.8% q/q expansion in GDP in the first quarter it now seems almost inevitable that the UK economy will finally recover its pre-crisis size in Q2. The better data from the UK economy has allowed sterling to outperform all other developed world currencies over the past 12 mths”.
GBP/USD Levels
Spot is presently trading at 1.6825, and next resistance can be seen at 1.6830 (Hourly 200 SMA), 1.6837 (Daily 20 SMA), 1.6842 (Daily Classic S1), 1.6851 (Yesterday's Low) and 1.6854 (Hourly 20 EMA). Next support to the downside can be found at 1.6819 (Daily Low), 1.6815 (Weekly Classic PP), 1.6812 (Daily Classic S2), 1.6810 (Weekly Low) and 1.6774 (Daily Classic S3).