Forex: GBP/USD ranges at 1.5820/40
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - The London market jittery after the UK money supply and consumer credit saw the GBPUSD fall to 1.5815 low first and quickly jump back to 1.5840. After relaxing at 1.5825 area, the pair went up again, now extending daily gains, to 1.5844 high.
More than the US jobless claims and personal income and spending, the market is looking to position itself ahead of tomorrow's Fed Bernanke speech at Jackson Hole. Investors have been pricing in chances of QE3 based on the latest FOMC minutes, but yesterday's release of Fed's Beige Book is being interpreted as less dovish.
"GBPUSD continues to hold near term over the short term uptrend at 1.5784 and is slowly inching higher", wrote Commerzbank analyst Karen Jones, pointing to resistance at 1.5984/1.6000 (12th of April high and psychological resistance).
More than the US jobless claims and personal income and spending, the market is looking to position itself ahead of tomorrow's Fed Bernanke speech at Jackson Hole. Investors have been pricing in chances of QE3 based on the latest FOMC minutes, but yesterday's release of Fed's Beige Book is being interpreted as less dovish.
"GBPUSD continues to hold near term over the short term uptrend at 1.5784 and is slowly inching higher", wrote Commerzbank analyst Karen Jones, pointing to resistance at 1.5984/1.6000 (12th of April high and psychological resistance).
Free Annual Reports
