Forex: GBP/USD: sideways above 200 EMA
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GBP/USD
FXstreet.com (San Francisco) - After rallying sharply and closing above the 200-day EMA for the first time since May 16 overnight, GBPUSD has been trading its usual tight range so far today.
Last quoted at 1.5783 with a bullish profile, price is moving sideways around the key Fibonacci resistance level at 1.5780 (50%, 1.6296/1.5268).
Should the bullish momentum extend in the sessions ahead, resistance levels lie at 1.5810, 1.5840 and 1.5890, while support levels are noted at 1.5770, 1.5740 and 1.5715.
According to Valeria Bednarik, Chief Analyst at FXstreet.com, the market has maintained the bullish tone seen over the last few sessions; "Renewed buying interest above 1.5810 will confirm the bullish bias, as long as 1.5740 holds the downside," she says.
The economic calendar will be thin with data releases in the European session ahead, leaving GBPUSD price action to be driven by market sentiment.
The highlighted event for the day will be release of the Minutes from the US Fed's FOMC meeting on August 1. "Policy was held steady at this meeting," explains Rabobank in a research note. "As Bernanke's Jackson Hole speech approaches, these Minutes will be scoured for signs - real or imagined - that point to what he might signal in his speech."
Last quoted at 1.5783 with a bullish profile, price is moving sideways around the key Fibonacci resistance level at 1.5780 (50%, 1.6296/1.5268).
Should the bullish momentum extend in the sessions ahead, resistance levels lie at 1.5810, 1.5840 and 1.5890, while support levels are noted at 1.5770, 1.5740 and 1.5715.
According to Valeria Bednarik, Chief Analyst at FXstreet.com, the market has maintained the bullish tone seen over the last few sessions; "Renewed buying interest above 1.5810 will confirm the bullish bias, as long as 1.5740 holds the downside," she says.
The economic calendar will be thin with data releases in the European session ahead, leaving GBPUSD price action to be driven by market sentiment.
The highlighted event for the day will be release of the Minutes from the US Fed's FOMC meeting on August 1. "Policy was held steady at this meeting," explains Rabobank in a research note. "As Bernanke's Jackson Hole speech approaches, these Minutes will be scoured for signs - real or imagined - that point to what he might signal in his speech."
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