Forex: GBP/USD trades range following Greek vote
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - Following the narrow passing of the the Greek EUR13.5bln austerity package, GBP ranged throughout the overnight session.
Despite the tense reality of the actual event and the implications of its failure to pass, an element of 'news fatigue' looks to have overridden risk sentiment last night as the Greek parliament passed its Austerity Bill. The package passed 153-128 with 18 MPs abstaining but markets saw only a whimper of a reaction. GBPUSD ranged between 1.5969 and 1.5989, just below the daily pivot point at 1.5992 with mixed Japanese and Australian data failing to muster a reaction.
The morning has seen mixed German data with September Trade Balance figures come in better than expected at EUR17bln/16.8bln, September Current Account figures better forecasts at EUR 16.3bln/ 10.8bln but Imports and Exports both disappointed expectations at -1.6%/-0.1% and -2.5%/-1.5% respectively. Ahead we have French Trade Balance data at 07:45 GMT and Greek Unemployment at 10:00 GMT. However, the headline events of the day are the BoE Interest Rate and Asset Purchase Decisions at 12:00 GMT and the ECB Interest Rate Decision and subsequent policy statement and press conference at 13.30 GMT.
Forex Ticket analysts are neutral on the pair in the hours ahead, and see support and resistance between 1.5950/1.5910 and 1/6010/1.6040. ICN.com analysts suspect that spot could continue to range but hold a slight bullish bias and see support around 1.5900 as potentially offering a good entry point.
Despite the tense reality of the actual event and the implications of its failure to pass, an element of 'news fatigue' looks to have overridden risk sentiment last night as the Greek parliament passed its Austerity Bill. The package passed 153-128 with 18 MPs abstaining but markets saw only a whimper of a reaction. GBPUSD ranged between 1.5969 and 1.5989, just below the daily pivot point at 1.5992 with mixed Japanese and Australian data failing to muster a reaction.
The morning has seen mixed German data with September Trade Balance figures come in better than expected at EUR17bln/16.8bln, September Current Account figures better forecasts at EUR 16.3bln/ 10.8bln but Imports and Exports both disappointed expectations at -1.6%/-0.1% and -2.5%/-1.5% respectively. Ahead we have French Trade Balance data at 07:45 GMT and Greek Unemployment at 10:00 GMT. However, the headline events of the day are the BoE Interest Rate and Asset Purchase Decisions at 12:00 GMT and the ECB Interest Rate Decision and subsequent policy statement and press conference at 13.30 GMT.
Forex Ticket analysts are neutral on the pair in the hours ahead, and see support and resistance between 1.5950/1.5910 and 1/6010/1.6040. ICN.com analysts suspect that spot could continue to range but hold a slight bullish bias and see support around 1.5900 as potentially offering a good entry point.
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