Forex: GBP/USD holds 50 MA post UK GDP
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GBP/USD
FXstreet.com (Barcelona) - Having declined sharply following UK GDP came in this morning, GBPUSD has found support at the hourly 50 MA and daily pivot point.
The move saw spot fall 30 pips to find support at the duel area of support at 1.5921 where the daily pivot point and hourly 59 MA reside. The pair looks to have lost some momentum in volume and direction as the US open approaches. With the passing of UK data, the European calendar came to an end and focus shifted to the US session which sees Durable Goods and a Bernanke speech at 13:30 GMT before Consumer Confidence and the Housing Price Index at 15:00 GMT.
Bijoy Kar of MIG Bank notes that spot has been challenged by resistance at 1.6043 but is likely in a long term horizontal range with hourly support to be found at 1.5997. Elsewhere, European stocks are up despite being off their highs, US futures are mixed and close to flat, commodities are broadly higher and critical European yields are down and stable.
The move saw spot fall 30 pips to find support at the duel area of support at 1.5921 where the daily pivot point and hourly 59 MA reside. The pair looks to have lost some momentum in volume and direction as the US open approaches. With the passing of UK data, the European calendar came to an end and focus shifted to the US session which sees Durable Goods and a Bernanke speech at 13:30 GMT before Consumer Confidence and the Housing Price Index at 15:00 GMT.
Bijoy Kar of MIG Bank notes that spot has been challenged by resistance at 1.6043 but is likely in a long term horizontal range with hourly support to be found at 1.5997. Elsewhere, European stocks are up despite being off their highs, US futures are mixed and close to flat, commodities are broadly higher and critical European yields are down and stable.
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