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17 Sep 2013
GBP/USD eyes 1.5880 support and lower
FXstreet.com (London) - GBP/USD had jumped to 1.5965 from a gap in the charts on the open in markets this week but has since lost its form back below 1.5900 level.
This has been a dollar weakness story so far with the Hawk, Larry Summers’, withdrawal from being considered as the next Fed Chairman and the possibility that the Dove, Janet Yellen, may in fact be the person for the job. Therefore, markets are expecting a longer term in current accommodative policies. The week ahead is jam packed with events that could either increase the appetite for 1.6000 in the pair or reduce risk back to support 1.5880/20 in the near term.
GBP/USD levels
Indicators suggest momentum has slowed down. The 20 DMA is 1.5645, the 50 DMA is 1.5452 and the 200 DMA is 1.5487. Supports are ascending from 1.5819, 1.5835, 1.5869 and 1.5885. Spot is currently 1.5906 while resistances are 1.5920, 1.5937, 1.5970, 1.5992, 1.6010, 1.6040 and 1.6080.
This has been a dollar weakness story so far with the Hawk, Larry Summers’, withdrawal from being considered as the next Fed Chairman and the possibility that the Dove, Janet Yellen, may in fact be the person for the job. Therefore, markets are expecting a longer term in current accommodative policies. The week ahead is jam packed with events that could either increase the appetite for 1.6000 in the pair or reduce risk back to support 1.5880/20 in the near term.
GBP/USD levels
Indicators suggest momentum has slowed down. The 20 DMA is 1.5645, the 50 DMA is 1.5452 and the 200 DMA is 1.5487. Supports are ascending from 1.5819, 1.5835, 1.5869 and 1.5885. Spot is currently 1.5906 while resistances are 1.5920, 1.5937, 1.5970, 1.5992, 1.6010, 1.6040 and 1.6080.