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6 Aug 2013
GBP/USD clings to 1.5350 region after UK GDP
FXstreet.com (New York) - The GBP/USD foreign exchange rate refused to break out of a narrow consolidation Tuesday, having recently learned of economic data in the UK during US trading.
In the United Kingdom, the NIESR GDP Estimate (3M) (July) came in at 0.7%, compared with a figure of 0.5% previously.
GBP/USD strategic bias
Technically speaking, the GBP/USD is now trading at 1.5351, now incurring a marginal loss of -0.01% in these moments. On the downside, the pair remains insulated by supports at 1.5310, ahead of 1.5281, and 1.5254.
According to the Technical Analyst Team at ICN.com, “The GBP/USD’s attempt to the upside failed due to failing to stabilize above resistance level 1.5395 where we count on it to keep our negative expectations. The pair has to break 1.5280 for the bearish possibility to become stronger.”
In the United Kingdom, the NIESR GDP Estimate (3M) (July) came in at 0.7%, compared with a figure of 0.5% previously.
GBP/USD strategic bias
Technically speaking, the GBP/USD is now trading at 1.5351, now incurring a marginal loss of -0.01% in these moments. On the downside, the pair remains insulated by supports at 1.5310, ahead of 1.5281, and 1.5254.
According to the Technical Analyst Team at ICN.com, “The GBP/USD’s attempt to the upside failed due to failing to stabilize above resistance level 1.5395 where we count on it to keep our negative expectations. The pair has to break 1.5280 for the bearish possibility to become stronger.”