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16 May 2014
GBP/USD pressing on 1.6820 into closing hours
FXStreet (Guatemala) - GBP/USD is trading at 1.6822, up 0.19% on the day, having posted a daily high at 1.6843 and low at 1.6784.
GBP/USD was, for the most part, on the bid at the end of this week while the highlight in today's NA session was the US Housing Starts and Building Permits and Consumer Confidence. Housing data was positive while the Consumer Confidence disappointed at 81.5 vs 84.5 expected. Analysts at TD Securities reminded us that given the recent deceleration in housing activity and the emphasis the Fed put on the outlook for the sector on its most recent statement, as well as on Yellen's latest public remarks, a below consensus print would have likely reinforced a move lower on US Treasury yields observed in recent days. But the above-consensus reading should prevent, or at least contain, a further decline in yields and support the USD they explained.
GBP/USD Levels
Current price is 1.6820, with resistance ahead at 1.6822 (Daily Classic R1), 1.6828 (Daily 20 SMA), 1.6843 (Daily High), 1.6853 (Daily Classic R2) and 1.6868 (Weekly High). Next support to the downside can be found at 1.6813 (Hourly 100 SMA), 1.6808 (Hourly 20 EMA), 1.6808 (Yesterday's High), 1.6789 (Daily Open) and 1.6789 (Weekly Classic S1).
GBP/USD chart formations
Looking at price patterns, we can see a Doji and Hammer 1-hour candlestick formation.
GBP/USD was, for the most part, on the bid at the end of this week while the highlight in today's NA session was the US Housing Starts and Building Permits and Consumer Confidence. Housing data was positive while the Consumer Confidence disappointed at 81.5 vs 84.5 expected. Analysts at TD Securities reminded us that given the recent deceleration in housing activity and the emphasis the Fed put on the outlook for the sector on its most recent statement, as well as on Yellen's latest public remarks, a below consensus print would have likely reinforced a move lower on US Treasury yields observed in recent days. But the above-consensus reading should prevent, or at least contain, a further decline in yields and support the USD they explained.
GBP/USD Levels
Current price is 1.6820, with resistance ahead at 1.6822 (Daily Classic R1), 1.6828 (Daily 20 SMA), 1.6843 (Daily High), 1.6853 (Daily Classic R2) and 1.6868 (Weekly High). Next support to the downside can be found at 1.6813 (Hourly 100 SMA), 1.6808 (Hourly 20 EMA), 1.6808 (Yesterday's High), 1.6789 (Daily Open) and 1.6789 (Weekly Classic S1).
GBP/USD chart formations
Looking at price patterns, we can see a Doji and Hammer 1-hour candlestick formation.