9 Dec 2014
GBP/USD back to square one
FXStreet (Córdoba) - GBP/USD reached a daily high of 1.5692 at the beginning of the European session, but the run was tempered by weaker-than-expected UK production data, sending Cable back to the lower 1.56s.
GBP/USD retreated to retest lows at the 1.5625/30 zone before bouncing back to mid-range. At time of writing, the pair is trading at 1.5658, virtually unchanged on the day.
The National Institute of Economic and Social Research (NIESR) will release its estimation of UK GDP for the three months to November at 15:00 GMT while in the US, JOLTS jobs opening and wholesales inventories will be published at the same time.
GBP/USD technical levels
As for technical levels, immediate resistances are seen at 1.5692/94 (Dec 8 & 5 highs) and 1.5725 (Dec 4 high). On the flip side, supports could be found at 1.5625 (daily low) and 1.5600 (psychological level).
GBP/USD retreated to retest lows at the 1.5625/30 zone before bouncing back to mid-range. At time of writing, the pair is trading at 1.5658, virtually unchanged on the day.
The National Institute of Economic and Social Research (NIESR) will release its estimation of UK GDP for the three months to November at 15:00 GMT while in the US, JOLTS jobs opening and wholesales inventories will be published at the same time.
GBP/USD technical levels
As for technical levels, immediate resistances are seen at 1.5692/94 (Dec 8 & 5 highs) and 1.5725 (Dec 4 high). On the flip side, supports could be found at 1.5625 (daily low) and 1.5600 (psychological level).