29 Apr 2014
GBP/USD continues to seesaw following GDP miss
FXStreet (London) - Following this mornings GDP miss, GBP/USD has traded choppily within an approximate 50 pip range.
This morning saw UK GDP miss expectations at 3.1%/3.2%, but increase from previous at 2.7%. Following an overnight range, the pair climbed in the build up to post a high at 1.6848, before sharply falling to make the daily low at 1.6793 in the initial aftermath of the data. With the psychologically round 1.68 number holding, spot has since climbed to where it is presently trading at 1.6830, up 0.13%
GBP/USD Technicals
GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 55.00, up from the last hourly print at 44.65, with ADX at 12.94, up from its previous close at 11.95. RSI is neutral at 62.41, according to the daily chart. On the hourly GBP/USD chart, the 200 SMA is climbing and currently at 1.6813, up from the previous hour close at 1.6805. Over the past 20 days, the exponential average closing price is 1.6747, and trending higher. 2-Standard Deviation Volatility Bandwidth is presently at 35 pips and shrinking on the hourly GBP/USD chart, while the ATR (14) is currently at 9 pips. 2-Standard Deviation Volatility Bandwidth is at 319 pips and shrinking on a daily chart.
GBP/USD Levels
Spot is presently trading at 1.6830, and next resistance can be seen at 1.6840 (Weekly Classic R1), 1.6848 (Daily High), 1.6852 (Daily Classic R1), 1.6860 (Yesterday's High) and 1.6879 (Weekly Classic R2). Next support to the downside can be found at 1.6824 (Monthly High), 1.6824 (Weekly High), 1.6824 (Annual High), 1.6824 (3 Year High) and1.6824 (YTD High).
This morning saw UK GDP miss expectations at 3.1%/3.2%, but increase from previous at 2.7%. Following an overnight range, the pair climbed in the build up to post a high at 1.6848, before sharply falling to make the daily low at 1.6793 in the initial aftermath of the data. With the psychologically round 1.68 number holding, spot has since climbed to where it is presently trading at 1.6830, up 0.13%
GBP/USD Technicals
GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 55.00, up from the last hourly print at 44.65, with ADX at 12.94, up from its previous close at 11.95. RSI is neutral at 62.41, according to the daily chart. On the hourly GBP/USD chart, the 200 SMA is climbing and currently at 1.6813, up from the previous hour close at 1.6805. Over the past 20 days, the exponential average closing price is 1.6747, and trending higher. 2-Standard Deviation Volatility Bandwidth is presently at 35 pips and shrinking on the hourly GBP/USD chart, while the ATR (14) is currently at 9 pips. 2-Standard Deviation Volatility Bandwidth is at 319 pips and shrinking on a daily chart.
GBP/USD Levels
Spot is presently trading at 1.6830, and next resistance can be seen at 1.6840 (Weekly Classic R1), 1.6848 (Daily High), 1.6852 (Daily Classic R1), 1.6860 (Yesterday's High) and 1.6879 (Weekly Classic R2). Next support to the downside can be found at 1.6824 (Monthly High), 1.6824 (Weekly High), 1.6824 (Annual High), 1.6824 (3 Year High) and1.6824 (YTD High).