25 Sep 2013
GBP/USD meets supply ahead of 1.6100
FXstreet.com (London) - GBP/USD has had a strong run up from below 1.6000 and has gained a high of 1.6083. Supply here is preventing the pair to score a new handle.
The market has priced in a good number of positive news releases for the Sterling offers are taking advantage of this ahead of the 1.6100 psychological handle. From the calendar, we have seen US New Home Sales (MoM) (Aug) printed 0.421M vs 0.420M consensus. While the change came in at 7.9% MoM. However, the debt ceiling deadline is a black cloud over the dollar as it closes in and that will keep a cap on the dollar for now.
GBP/USD Levels
The 20 DMA is 1.5772, the 50 DMA is 1.5566 and the 200 DMA is 1.5483. RSI (14) reads 66.19. Supports are starting at 1.5869, 1.5886, 1.5936, 1.5955, 1.5984 and 1.6020. Spot is 1.6071 while resistances are 1.6080 and 1.6099.
The market has priced in a good number of positive news releases for the Sterling offers are taking advantage of this ahead of the 1.6100 psychological handle. From the calendar, we have seen US New Home Sales (MoM) (Aug) printed 0.421M vs 0.420M consensus. While the change came in at 7.9% MoM. However, the debt ceiling deadline is a black cloud over the dollar as it closes in and that will keep a cap on the dollar for now.
GBP/USD Levels
The 20 DMA is 1.5772, the 50 DMA is 1.5566 and the 200 DMA is 1.5483. RSI (14) reads 66.19. Supports are starting at 1.5869, 1.5886, 1.5936, 1.5955, 1.5984 and 1.6020. Spot is 1.6071 while resistances are 1.6080 and 1.6099.