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3 Mar 2014
GBP/USD retains the bullish bias
FXStreet (Guatemala) - GBP/USD was continuing on the bid overall, moving out of the sideways channel above 1.6720 earlier and has been resuming the uptrend. Currently the pair has given back some gains but retains a bullish bias on the day if 1.6720 can hold.
Sterling is buoyed still on the back of data releases in Europe with UK Manufacturing PMI printed up as 56.9 versus 56.5 expected and 56.7 marked on the previous month. In January, UK mortgages approvals rose to its highest monthly total in more than six years. The USD has the advantage though with risk aversion still playing out of the tensions around the Ukraine and a series of good economic releases from the US economy. Both PCE and Persona Spending improve din January and Markit Manufacturing in Feb beat expectations as well. Technically, the pair trades with a medium term bullish bias above 1.6583.
GBP/USD Levels
The 20 DMA is 1.6565, the 50 DMA is 1.6504 and the 200 DMA is 1.5942. RSI (14) reads 53.15. Supports are ascending from 1.6617, 1.6645, 1.6677, 1.6698, 1.6720. Spot is 1.6722 while resistance's are 1.6769, 1.6823, 1.6852 and 1.6879.
Sterling is buoyed still on the back of data releases in Europe with UK Manufacturing PMI printed up as 56.9 versus 56.5 expected and 56.7 marked on the previous month. In January, UK mortgages approvals rose to its highest monthly total in more than six years. The USD has the advantage though with risk aversion still playing out of the tensions around the Ukraine and a series of good economic releases from the US economy. Both PCE and Persona Spending improve din January and Markit Manufacturing in Feb beat expectations as well. Technically, the pair trades with a medium term bullish bias above 1.6583.
GBP/USD Levels
The 20 DMA is 1.6565, the 50 DMA is 1.6504 and the 200 DMA is 1.5942. RSI (14) reads 53.15. Supports are ascending from 1.6617, 1.6645, 1.6677, 1.6698, 1.6720. Spot is 1.6722 while resistance's are 1.6769, 1.6823, 1.6852 and 1.6879.