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9 Aug 2013
GBP/USD giving in
FXstreet.com (Chicago) - GBP/USD drifted down 0.22% throughout Friday’s trading session after reaching 1.556 zone despite narrowed deficit.
Unable to consolidate above 1.5515 support, the pair gravitates towards lower zones Friday afternoon. Earlier in the UK, outperforming data was released with a total trade balance for June at -1.548B sterling vs. expected -2.350B along with a goods trade balance at -8.082B vs. expected -8.500B.
Price action indicates the pair continues to hold on to levels not seen in 7 weeks as it trades at 1.5503 between supports at 1.5488 (April 24th highs), 1.5455 (May 9th highs) ahead of 1.5431 (July 22nd highs) and resistances at 1.5515 (June 20th highs), 1.5567 (April 30th highs), 1.5594 (May 8th highs) followed by 1.5629 (June 12th lows). The FXstreet trend index reports the pair as slightly bearish on one-hour timeframe analysis with a CCI pointing down.
Unable to consolidate above 1.5515 support, the pair gravitates towards lower zones Friday afternoon. Earlier in the UK, outperforming data was released with a total trade balance for June at -1.548B sterling vs. expected -2.350B along with a goods trade balance at -8.082B vs. expected -8.500B.
Price action indicates the pair continues to hold on to levels not seen in 7 weeks as it trades at 1.5503 between supports at 1.5488 (April 24th highs), 1.5455 (May 9th highs) ahead of 1.5431 (July 22nd highs) and resistances at 1.5515 (June 20th highs), 1.5567 (April 30th highs), 1.5594 (May 8th highs) followed by 1.5629 (June 12th lows). The FXstreet trend index reports the pair as slightly bearish on one-hour timeframe analysis with a CCI pointing down.