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20 Dec 2013
GBP/USD continues consolidation into Europe
FXstreet.com (Barcelona) - Having made an annual high at 1.6486 following the Fed decision to start the tapering process, GBP/USD has consolidated lower, with spot confined to a session high at 1.6354 and a low heading into the European session where we are presently trading at 1.6335.
GBP/USD eyes on UK GDP
Today’s economic calendar for the UK has GDP as the outstanding headline event at 09:30 GMT, with analysts forecasting 0.8% QoQ and 1.5% YoY. Other data includes Total Business Investment, Index of Services, and Public Sector Net Borrowing. Later today, we have US GDP at 13:30, befroe Yellen’s confirmation as the new Fed Chair. Presently spot is declining to find support around the Dec 17 high at 1.6336. Applying a Fibonacci Retracement to the move from Tuesdays low at 1.6219-Wednesdays high at 1.6484, we see spot approaching the 61.8% level at 1.6320.
What are today’s key GBP/USD levels
Hourly RSI sits at 36 and is neutral, with ADX at 27. The hourly 200 SMA sits at 1.6357, with the 20D EMA at 1.6307. The daily pivot point can be found at 1.6372, which doubles up as next resistance, with immediate support found at 1.6335 (S1) where spot is presently trading. Further support can be found the 1.6300 psychological level, with corporate bids below at 1.6290-10 ahead of bids reported around 6260-40. Resistance above can be seen at 1.6397, the December 19 high where several offers are clustered, and 1.6486, the Dec 18 high, with further offers positioned between 1.6470-00.
GBP/USD eyes on UK GDP
Today’s economic calendar for the UK has GDP as the outstanding headline event at 09:30 GMT, with analysts forecasting 0.8% QoQ and 1.5% YoY. Other data includes Total Business Investment, Index of Services, and Public Sector Net Borrowing. Later today, we have US GDP at 13:30, befroe Yellen’s confirmation as the new Fed Chair. Presently spot is declining to find support around the Dec 17 high at 1.6336. Applying a Fibonacci Retracement to the move from Tuesdays low at 1.6219-Wednesdays high at 1.6484, we see spot approaching the 61.8% level at 1.6320.
What are today’s key GBP/USD levels
Hourly RSI sits at 36 and is neutral, with ADX at 27. The hourly 200 SMA sits at 1.6357, with the 20D EMA at 1.6307. The daily pivot point can be found at 1.6372, which doubles up as next resistance, with immediate support found at 1.6335 (S1) where spot is presently trading. Further support can be found the 1.6300 psychological level, with corporate bids below at 1.6290-10 ahead of bids reported around 6260-40. Resistance above can be seen at 1.6397, the December 19 high where several offers are clustered, and 1.6486, the Dec 18 high, with further offers positioned between 1.6470-00.