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9 Aug 2013
GBP/USD tight ranges
FXstreet.com (Barcelona) - GBP/USD has moved a little higher on the release of UK trade balance data, but is simply playing a tight range of 20 pips.
Trade Balance data for June came in better than expected overall. The Total Trade Balance £-1.548B beating expectations £-2.350B, Goods Trade Balance £-8.082B vs consensus £-8.500B and the Trade Balance; non-EU £-2.646 vs a consensus of £-3.800B. The market is however fairly muted on this release and remains within tight ranges ahead of the weekend and the BoE minutes next week. Meanwhile, the pair is bid due to Carneys inflation report disappointing the markets that was heavily short of Sterling pre release. Until there is clarification around forward guidance yields are firmly to the upside, following suit that of the US.
GBP/USD plays tight range
GBP/USD is in a tight 20 pips range, however, above 1.5605/10 Axel Rudolph, Senior Technical Analyst at Commerzbank said they would have to allow for a challenge to the 1.5752/59 June high and the 200 week ma. “The market stays bid above the 6 week channel at 1.5184”. Levles offer the 20 dma at 1.5312, the 50 dma at 1.5338 and 200 dma at 1.5534. RSI(9) reads 68.80. Supports are ascending 1.5332, 1.5375, 1.5435, 1.5485. Spot is currently 1.5552 while resitances are 1.5616, 1.5649, 1.5680 and 1.5723
Trade Balance data for June came in better than expected overall. The Total Trade Balance £-1.548B beating expectations £-2.350B, Goods Trade Balance £-8.082B vs consensus £-8.500B and the Trade Balance; non-EU £-2.646 vs a consensus of £-3.800B. The market is however fairly muted on this release and remains within tight ranges ahead of the weekend and the BoE minutes next week. Meanwhile, the pair is bid due to Carneys inflation report disappointing the markets that was heavily short of Sterling pre release. Until there is clarification around forward guidance yields are firmly to the upside, following suit that of the US.
GBP/USD plays tight range
GBP/USD is in a tight 20 pips range, however, above 1.5605/10 Axel Rudolph, Senior Technical Analyst at Commerzbank said they would have to allow for a challenge to the 1.5752/59 June high and the 200 week ma. “The market stays bid above the 6 week channel at 1.5184”. Levles offer the 20 dma at 1.5312, the 50 dma at 1.5338 and 200 dma at 1.5534. RSI(9) reads 68.80. Supports are ascending 1.5332, 1.5375, 1.5435, 1.5485. Spot is currently 1.5552 while resitances are 1.5616, 1.5649, 1.5680 and 1.5723