17 Dec 2014
GBP/USD pressuring 1.5700 level – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that the GBP/USD pair in pressuring the 1.5700 level, failing to pick up despite slightly encouraging local employment data.
Key Quotes
“The GBP/USD pair pressures the 1.5700 level, having been as low as 1.5676 earlier on the day. The pair failed to pick up despite local employment data was slightly encouraging showing the unemployment rate remained unchanged at 6.0%, and earnings rose again, albeit maybe not as fast as the BOE would like.”
“The Central Bank also released the Minutes of its latest meeting that showed policy makers voted 7-2 to keep interest rates at a record low as expected.”
“Technically, the price develops inside an ascendant channel, clear in the 4 hours chart, but technical readings show no directional strength: the price is standing around a flat 20 SMA while indicators turned lower at neutral territory.”
“The mentioned daily low of 1.5676 stands as immediate support in route to the base of the channel at 1.5630. Selling interest continues to wait in the 1.5750/70 area and it will take some steady advance above the area, to confirm a stronger advance up to 1.5825.”
Key Quotes
“The GBP/USD pair pressures the 1.5700 level, having been as low as 1.5676 earlier on the day. The pair failed to pick up despite local employment data was slightly encouraging showing the unemployment rate remained unchanged at 6.0%, and earnings rose again, albeit maybe not as fast as the BOE would like.”
“The Central Bank also released the Minutes of its latest meeting that showed policy makers voted 7-2 to keep interest rates at a record low as expected.”
“Technically, the price develops inside an ascendant channel, clear in the 4 hours chart, but technical readings show no directional strength: the price is standing around a flat 20 SMA while indicators turned lower at neutral territory.”
“The mentioned daily low of 1.5676 stands as immediate support in route to the base of the channel at 1.5630. Selling interest continues to wait in the 1.5750/70 area and it will take some steady advance above the area, to confirm a stronger advance up to 1.5825.”