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16 Dec 2013
GBP/USD jumps into European session
FXstreet.com (Barcelona) - Having largely ranged overnight, capped by 1.6300, GBP/USD has jumped higher into the European session to post a morning high at 1.6330.
GBP/USD starts the week with better Housing data
Overnight, UK Rightmove House Price Index data came in better than previous, and although not a significant indicator, helped buoy the pair towards resistance at the psychological round number at 1.6300 and the daily pivot point at 1.6307. For today, the economic docket for sterling is over, so eye will turn to US PMI and Industrial Production at 13:58 and 14:15 GMT respectively. The headline event of the day however, is a speech by ECB President Draghi at 14:00 GMT which could could cross pair volatility.
What are today’s key GBP/USD levels?
The daily pivot point sits at 1.6307, with resistance above at 1.6353 (R1), 1.6407 (R2) and 1.6453 (R3), and support below at 1.6253 (S1), 1.6207 (S2) and 1.6153 (S3). Matt Bacon-Hall of FXBeat notes support below at “1.6250-60 Variety of bids as well as prior highs acting as support, & 1.6240 Sell stops commence” and resistance above at “1.6470 Buy stops commence, 1.6420-30 Sell orders for a variety of accounts, 1.6340-50 Prop account offers.” GBP/USD could also find resistance between the range of 1.6327-61 where several key technical levels are clustered today.
GBP/USD starts the week with better Housing data
Overnight, UK Rightmove House Price Index data came in better than previous, and although not a significant indicator, helped buoy the pair towards resistance at the psychological round number at 1.6300 and the daily pivot point at 1.6307. For today, the economic docket for sterling is over, so eye will turn to US PMI and Industrial Production at 13:58 and 14:15 GMT respectively. The headline event of the day however, is a speech by ECB President Draghi at 14:00 GMT which could could cross pair volatility.
What are today’s key GBP/USD levels?
The daily pivot point sits at 1.6307, with resistance above at 1.6353 (R1), 1.6407 (R2) and 1.6453 (R3), and support below at 1.6253 (S1), 1.6207 (S2) and 1.6153 (S3). Matt Bacon-Hall of FXBeat notes support below at “1.6250-60 Variety of bids as well as prior highs acting as support, & 1.6240 Sell stops commence” and resistance above at “1.6470 Buy stops commence, 1.6420-30 Sell orders for a variety of accounts, 1.6340-50 Prop account offers.” GBP/USD could also find resistance between the range of 1.6327-61 where several key technical levels are clustered today.