Back
28 Feb 2014
GBP/USD’s 1.67 holding
FXStreet (Guatemala) - GBP/USD has been testing the downside and the psychological 1.67 handle but has bounced back and drifted into the 1.6720's again.
GBP/USD has been as high as 1.6771 at the end of this week and rallied form the off of the London session on leveraged demand triggering stops until it finally met supply ahead of key 1.68 handle or the yearly high of 1.6824. The dollar has benefitted on an overall positive set of data releases form the US economy. Personal Consumption Expenditures Prices and Core Personal Consumption Expenditures Prices for Q4 Q/Q kicked things off positively for the dollar that beat expectations 1.0% vs 0.7% and 1.3% vs 1.1% respectively. However, the US Q4 GDP disappointed slightly as it only rose 2.4% vs a better expected 2.4%. Chicargo PMI which was expected to ease to 56.4 in Febuary from 59.6 in January beat expectations and read as 59.8. Then we had Michigan consumer sentiment at 14.55GMT, which as expected 81.3 but that came in as 81.6. Pending home sales disappointed -0.9 and halting the dollar up for a full on onslaught on the pound ahead of 1.6700.
GBP/USD Levels
The 20 DMA is 1.6549, the 50 DMA is 1.6495 and the 200 DMA is 1.5934. RSI (14) reads 57.98. Supports are ascending from 1.6538, 1.6559, 1.6583, 1.6607 and 1.6684. Spot is 1.6722 while resistances are 1.6728 and 1.6741.
GBP/USD has been as high as 1.6771 at the end of this week and rallied form the off of the London session on leveraged demand triggering stops until it finally met supply ahead of key 1.68 handle or the yearly high of 1.6824. The dollar has benefitted on an overall positive set of data releases form the US economy. Personal Consumption Expenditures Prices and Core Personal Consumption Expenditures Prices for Q4 Q/Q kicked things off positively for the dollar that beat expectations 1.0% vs 0.7% and 1.3% vs 1.1% respectively. However, the US Q4 GDP disappointed slightly as it only rose 2.4% vs a better expected 2.4%. Chicargo PMI which was expected to ease to 56.4 in Febuary from 59.6 in January beat expectations and read as 59.8. Then we had Michigan consumer sentiment at 14.55GMT, which as expected 81.3 but that came in as 81.6. Pending home sales disappointed -0.9 and halting the dollar up for a full on onslaught on the pound ahead of 1.6700.
GBP/USD Levels
The 20 DMA is 1.6549, the 50 DMA is 1.6495 and the 200 DMA is 1.5934. RSI (14) reads 57.98. Supports are ascending from 1.6538, 1.6559, 1.6583, 1.6607 and 1.6684. Spot is 1.6722 while resistances are 1.6728 and 1.6741.