14 Oct 2013
GBP/USD eases further from 1.6020
FXstreet.com (Edinburgh) -The sterling is now losing the grip, dragging the GBP/USD from intraday peaks near 1.6020 to the current area of 1.5995/90.
GBP/USD focus on UK CPI data
Interesting docket ahead in the week for the pound, as September consumer prices are due tomorrow (2.6% YoY exp.) followed by the now critical employment data (7.7% exp.) and retail sales. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, the short-term technicals on the pair remain mixed, “but shifting increasingly bearish, with the MACD having already generated a sell signal, spot trending lower and now the 9-day MA threatening a break below the 21-day moving average. Accordingly, the risk is increasingly for GBP downside. Support lies at the open from September 18th (FOMC decision) at 1.5904”.
GBP/USD key levels
As of writing the pair is up 0.23% at 1.5994 and a surpass of 1.6052 (MA21d) would aim for 1.6061 (MA10d) and then 1.6122 (high Oct.9). On the downside, the initial support aligns at 1.5923 (low Oct.11) ahead of 1.5914 (low Oct.10) and finally 1.5893 (low Sep.18).
GBP/USD focus on UK CPI data
Interesting docket ahead in the week for the pound, as September consumer prices are due tomorrow (2.6% YoY exp.) followed by the now critical employment data (7.7% exp.) and retail sales. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, the short-term technicals on the pair remain mixed, “but shifting increasingly bearish, with the MACD having already generated a sell signal, spot trending lower and now the 9-day MA threatening a break below the 21-day moving average. Accordingly, the risk is increasingly for GBP downside. Support lies at the open from September 18th (FOMC decision) at 1.5904”.
GBP/USD key levels
As of writing the pair is up 0.23% at 1.5994 and a surpass of 1.6052 (MA21d) would aim for 1.6061 (MA10d) and then 1.6122 (high Oct.9). On the downside, the initial support aligns at 1.5923 (low Oct.11) ahead of 1.5914 (low Oct.10) and finally 1.5893 (low Sep.18).