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15 Jan 2015
GBP/USD suffering below the pivot and losing 1.52 handle
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5156 with a high of 1.5269 and a low of 1.5150 and 0.50% down on the day.
GBP/USD is down over a cent as the greenback makes gains post events surrounding the SNB that shocked markets by going against their vow to support the EUR/CHF and removing the CHF cap. Behind the scenes, there has been a series of data that was also supportive of the greenback. Producer Price Index numbers beat expectations, year on year 1.1% vs 1% consensus. Tomorrow we await the CPI data from the US.
The trend is broadly bullish currently although further downside risk below 1.5000 would allow for the 1.4910/1.4813 long term Fibo and 2013 low, as noted by Karen Jones, chief analyst at Commerzbank. On the upside, she noted that there is a 6 month resistance line at 1.5503. " While capped here, the market will remain directly offered. Key resistance is the 1.5855 November 2013 low."
GBP/USD is down over a cent as the greenback makes gains post events surrounding the SNB that shocked markets by going against their vow to support the EUR/CHF and removing the CHF cap. Behind the scenes, there has been a series of data that was also supportive of the greenback. Producer Price Index numbers beat expectations, year on year 1.1% vs 1% consensus. Tomorrow we await the CPI data from the US.
The trend is broadly bullish currently although further downside risk below 1.5000 would allow for the 1.4910/1.4813 long term Fibo and 2013 low, as noted by Karen Jones, chief analyst at Commerzbank. On the upside, she noted that there is a 6 month resistance line at 1.5503. " While capped here, the market will remain directly offered. Key resistance is the 1.5855 November 2013 low."