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26 Jan 2015
GBP/USD consolidates above 1.5000
FXStreet (Edinburgh) - The sterling is trading with gains vs. the US dollar on Monday, now taking GBP/USD to the 1.5010/15 band.
GBP/USD focus on GDP
Quite interesting week for the pound, with the main highlight being the GDP figures for the fourth quarter out tomorrow; with consensus expecting the UK economy to have expanded 0.6% inter-quarter (from 0.7%) and 2.8% on a yearly basis (from 2.6%). Further releases will show a gauge of house prices by Nationwide, Distributive Trades Survey tracked by CBI, Gfk’s Consumer Confidence and Consumer Credit.
In the technical space, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, spot“has virtually reached major support offered by the 1.4910/1.4813 long term Fibonacci retracement and 2013 low but look for this to hold the downside on the initial test and provoke some profit taking. The intraday charts are suggesting that this is the end of the down move for now”.
GBP/USD key levels
At the moment the pair is up 0.09% at 1.5013 with the next resistance at 1.5037 (high Jan.23) followed by 1.5059 (hourly high Jan.22) and finally 1.5117 (10-d MA). On he flip side, a breakdown of 1.4952 (low Jan.23) would aim for 1.4900 (psychological level) and then 1.4845 (low Jul.10 2013).
GBP/USD focus on GDP
Quite interesting week for the pound, with the main highlight being the GDP figures for the fourth quarter out tomorrow; with consensus expecting the UK economy to have expanded 0.6% inter-quarter (from 0.7%) and 2.8% on a yearly basis (from 2.6%). Further releases will show a gauge of house prices by Nationwide, Distributive Trades Survey tracked by CBI, Gfk’s Consumer Confidence and Consumer Credit.
In the technical space, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, spot“has virtually reached major support offered by the 1.4910/1.4813 long term Fibonacci retracement and 2013 low but look for this to hold the downside on the initial test and provoke some profit taking. The intraday charts are suggesting that this is the end of the down move for now”.
GBP/USD key levels
At the moment the pair is up 0.09% at 1.5013 with the next resistance at 1.5037 (high Jan.23) followed by 1.5059 (hourly high Jan.22) and finally 1.5117 (10-d MA). On he flip side, a breakdown of 1.4952 (low Jan.23) would aim for 1.4900 (psychological level) and then 1.4845 (low Jul.10 2013).