Back
28 Mar 2014
GBP/USD better bid on the week, 1.6648 highs
FXStreet (Guatemala) - GBP/USD has been a slow burner since the rally up from sub 1.66 handle on 1.6560 yesterday.
GBP/USD has remained in a sideways channel with a touch of bid sprinkled on top on the day so far. The close is nearing for the week and the pair is looking to finish up on the side of the bulls this time around.
GBP/USD data releases
The UK had Gross Domestic Product (QoQ) (Q4) out this morning 0.7% as expected while from the US, Core Personal Consumption Expenditure - Price Index (YoY) arrived 1.1% as expected before Personal Income (MoM) (Feb) was reading 0.3% vs 0.2% consensus, supporting the dollar.
How long can BoE hold on?
Strategists at Rabobank noted, in the UK, retail sales again surged to ‘ludicrous speed’, rising 1.7% MoM headline vs. 0.5% consensus, and 1.8% ex-autos vs. 0.3% consensus. “The question must arise of how much longer the BoE can continue to just look on at these kinds of data, and of a matching/underlying housing boom in the traditional epic UK fashion (“gazumping” is well and truly back in vogue), without being seen to be behind the curve”.
GBP/USD Levels
The 20 DMA is 1.6618, the 50 DMA is 1.6572 and the 200 DMA is 1.6052. RSI (14) reads 57.30. supports are ascending from 1.6460, 1.6481, 1.6509 and 1.6540. Spot is 1.6635 while resistances are 1.6648,1.6667, 1.6719 and 1.6787.
GBP/USD has remained in a sideways channel with a touch of bid sprinkled on top on the day so far. The close is nearing for the week and the pair is looking to finish up on the side of the bulls this time around.
GBP/USD data releases
The UK had Gross Domestic Product (QoQ) (Q4) out this morning 0.7% as expected while from the US, Core Personal Consumption Expenditure - Price Index (YoY) arrived 1.1% as expected before Personal Income (MoM) (Feb) was reading 0.3% vs 0.2% consensus, supporting the dollar.
How long can BoE hold on?
Strategists at Rabobank noted, in the UK, retail sales again surged to ‘ludicrous speed’, rising 1.7% MoM headline vs. 0.5% consensus, and 1.8% ex-autos vs. 0.3% consensus. “The question must arise of how much longer the BoE can continue to just look on at these kinds of data, and of a matching/underlying housing boom in the traditional epic UK fashion (“gazumping” is well and truly back in vogue), without being seen to be behind the curve”.
GBP/USD Levels
The 20 DMA is 1.6618, the 50 DMA is 1.6572 and the 200 DMA is 1.6052. RSI (14) reads 57.30. supports are ascending from 1.6460, 1.6481, 1.6509 and 1.6540. Spot is 1.6635 while resistances are 1.6648,1.6667, 1.6719 and 1.6787.