24 Oct 2013
GBP/USD looking bullish?
FXstreet.com (London) - GBP/USD has been building a constructive bullish signal throughout the day in a rising shoulder from the neck-line and is holding above 1.6160 support.
GBP/USD sky dived from heights shy September highs in the post payrolls malaise but has been hit hard on the supply this morning in Europe on the London open with the China news. We also had the Minutes from the BoE this morning as well which, as widely expected, were unlikely to be a market mover. Research teams at TD Securities said, “…minutes revealed a fairly upbeat tone from the MPC. “Going ahead, expect the dollar to remain under the weather with the latest disappointing non-farm readings predating the US fiscal shutdown and with expectations for a delay in a Fed-taper. As such, markets would be expecting a healthy amount of caution to emanate from next week’s FOMC” - Emmanuel Ng, OCBC.
GBP/USD Levels
The 20 DMA is 1.6086, the 50 DMA is 1.5863 and the 200 DMA is 1.5477. RSI (14) reads 45.28. Supports are ascending from, 1.6115, 1.6130 and 1.6162. Spot is currently 1.6165 while resistances are 1.6181, 1.6220, 1.6260, 1.6310, 1.6380 and 1.6421.
GBP/USD sky dived from heights shy September highs in the post payrolls malaise but has been hit hard on the supply this morning in Europe on the London open with the China news. We also had the Minutes from the BoE this morning as well which, as widely expected, were unlikely to be a market mover. Research teams at TD Securities said, “…minutes revealed a fairly upbeat tone from the MPC. “Going ahead, expect the dollar to remain under the weather with the latest disappointing non-farm readings predating the US fiscal shutdown and with expectations for a delay in a Fed-taper. As such, markets would be expecting a healthy amount of caution to emanate from next week’s FOMC” - Emmanuel Ng, OCBC.
GBP/USD Levels
The 20 DMA is 1.6086, the 50 DMA is 1.5863 and the 200 DMA is 1.5477. RSI (14) reads 45.28. Supports are ascending from, 1.6115, 1.6130 and 1.6162. Spot is currently 1.6165 while resistances are 1.6181, 1.6220, 1.6260, 1.6310, 1.6380 and 1.6421.