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GBP/USD: Bounce limited by offers wall at 1.6280

FXStreet (Bali) - GBP/USD is trading on a weak tone along the Asian session, with the latest Scottish independence poll results over the weekend, showing a slight advantage to the unionists, although with over 500,000 Scottish still undecided, caution is required.

The Survation poll showed No 53% vs Yes 46%. A survey of 705 Scots by ICM for The Telegraph saw 54% for Yes vs 46% for No. Lastly, the Opinium/Observer poll showed a narrow gap in favour of No 53 % vs 47 %.

According to Jim Langlands, Founder at FXCharts, we should expect plenty of volatility even before the Sept 17 Scottish referendum day, noting that "aside from more poll predictions, the UK CPI (exp 0.4%mm, 1.6%yy) is due tomorrow and then the BOE Minutes will be released on Wednesday, which will be closely monitored to see if the MPC are edging closer towards hiking rates in Q1 2015..."

Technically, Jim adds that "it looks as though Cable could continue to recover and if Friday’s high at 1.6277 can be overcome (200 HMA:1.6270), then it should be able to make a run towards 1.6300, above which it would look to close the opening gap of last Monday at 1.6320 (1.6318: 23.6% of 1.7191/1.6051), with 1.6230/40 minor support ahead of 1.62."

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