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May 30, 2013
GBP/USD retakes 1.5200
FXstreet.com (Barcelona) - The rally in the risk-associated assets is pushing the sterling to fresh weekly highs beyond the key resistance at 1.5200 on Thursday.
Disappointing data from the US docket, including a revision lower of the GDP for the first quarter to 2.4% from 2.5% forecasted, a weekly increment of the Initial Claims to 354K and below-expectations data from the housing sector have all plotted against the greenback, dragging it to session lows, in terms of the US Dollar Index. Market participants seem now to be assuming that the Fed’s ‘tapering’ QE would be somehow ‘off the table’, at least in the very near term.
The pair is now advancing 0.53% at 1.5212 with the next resistance at 1.5270 (MA55d) ahead of 1.5281 (high May 20) and finally 1.5331 (high May 14). On the flip side, a breach of 1.5111 (hourly low May 30) would open the door to 1.5015 (76.4% of 1.4832-1.5607) and then 1.5008 (low May 29).
Disappointing data from the US docket, including a revision lower of the GDP for the first quarter to 2.4% from 2.5% forecasted, a weekly increment of the Initial Claims to 354K and below-expectations data from the housing sector have all plotted against the greenback, dragging it to session lows, in terms of the US Dollar Index. Market participants seem now to be assuming that the Fed’s ‘tapering’ QE would be somehow ‘off the table’, at least in the very near term.
The pair is now advancing 0.53% at 1.5212 with the next resistance at 1.5270 (MA55d) ahead of 1.5281 (high May 20) and finally 1.5331 (high May 14). On the flip side, a breach of 1.5111 (hourly low May 30) would open the door to 1.5015 (76.4% of 1.4832-1.5607) and then 1.5008 (low May 29).