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11 Sep 2013
GBP/USD trades cautiously ahead of key UK data
FXstreet.com (Lisbon) - The GBP/USD foreign exchange rate has clung to a narrow consolidation Wednesday, ahead of several key releases within the hour during European trading.
In the United Kingdom, investors will be briefed by the Claimant Count Change (August), followed by a plethora of unemployment and earnings indicators at 8:30 GMT.
Given the recent stability above the 1.5700 region, the GBP/USD continues to operate near the 1.5728 region, albeit to a marginal decline of -0.03% loss thus far. Briefing the technicals, the GBP/USD remains fortified by supports 1.5681, onto 1.5625, and 1.5601, notes the Danske Research team.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD managed to stabilize above Linear Regression Indicator 34 and 55 with a daily closing increasing the possibility of extending bullishness today. Stabilizing above 88.6% correction at 1.5645 shown on graph will make the possibility of touching 1.5750 then 1.5875 valid. We will ignore overbought signals on momentum indicators unless the pair breaks 1.5645 levels and stabilizes below it.”
In the United Kingdom, investors will be briefed by the Claimant Count Change (August), followed by a plethora of unemployment and earnings indicators at 8:30 GMT.
Given the recent stability above the 1.5700 region, the GBP/USD continues to operate near the 1.5728 region, albeit to a marginal decline of -0.03% loss thus far. Briefing the technicals, the GBP/USD remains fortified by supports 1.5681, onto 1.5625, and 1.5601, notes the Danske Research team.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD managed to stabilize above Linear Regression Indicator 34 and 55 with a daily closing increasing the possibility of extending bullishness today. Stabilizing above 88.6% correction at 1.5645 shown on graph will make the possibility of touching 1.5750 then 1.5875 valid. We will ignore overbought signals on momentum indicators unless the pair breaks 1.5645 levels and stabilizes below it.”