23 Jul 2013
GBP/USD pacing to the downside
FXstreet.com (London) - GBP/USD has made some traction to the downside and has been moving at some pace in a relatively calmer market place.
GBP/USD now prints around 50 pips lower on the session to 1.5330. The UK data this morning wasn’t as rosy as expected and for June Mortgage Approvals the number came in at just 37.3K vrs 38.5K expected, although slightly better than a previous 36.1K. This has been a gradual reaction amid an otherwise softer dollar, broadly speaking.
GBP/USD targets 1.5320 / 1.5300
GBP/USD needs a move sub 1.5300 to appease the bears and 1.5320 is first hurdle. However, one would assume that the pair will remain bid above 1.5232 support at the start of the uptrend. Below there opens up the downside once back to the 1.4854/32 support zone.
GBP/USD now prints around 50 pips lower on the session to 1.5330. The UK data this morning wasn’t as rosy as expected and for June Mortgage Approvals the number came in at just 37.3K vrs 38.5K expected, although slightly better than a previous 36.1K. This has been a gradual reaction amid an otherwise softer dollar, broadly speaking.
GBP/USD targets 1.5320 / 1.5300
GBP/USD needs a move sub 1.5300 to appease the bears and 1.5320 is first hurdle. However, one would assume that the pair will remain bid above 1.5232 support at the start of the uptrend. Below there opens up the downside once back to the 1.4854/32 support zone.