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18 Jun 2013
GBP/USD challenging 1.5600
FXstreet.com (Edinburgh) - The sterling is intensifying its descent on Tuesday, currently dragging GBP/USD to fresh weekly lows around the key support at 1.5600.
UK CPI weights on GBP/USD
In the opinion of the Research team at RBS, “GBP/USD closed last week at its 200d ma, a level that has often provided topside resistance. The short-term outlook looks dependent on Wednesday’s FOMC meeting. On balance, we do not expect to see significant further gains given expectations around the UK outlook have already adjusted significantly”. There are no further events in the UK today, although the release of US consumer prices would keep the pressure on the pair via the greenback.
GBP/USD key levels
At the moment the pair is retreating 0.66% at 1.5616 with the immediate support at 1.5521 (low Jun.11) ahead of 1.5488 (low Jun.7) and finally 1.5426 (61.8% of 1.5008-1.4685). On the upside, a breakout of 1.5723 (high Jun.18) would clear the way to 1.5753 (high Jun.17) and then 1.5789 (61.8% of 1.6380-1/4832).
UK CPI weights on GBP/USD
In the opinion of the Research team at RBS, “GBP/USD closed last week at its 200d ma, a level that has often provided topside resistance. The short-term outlook looks dependent on Wednesday’s FOMC meeting. On balance, we do not expect to see significant further gains given expectations around the UK outlook have already adjusted significantly”. There are no further events in the UK today, although the release of US consumer prices would keep the pressure on the pair via the greenback.
GBP/USD key levels
At the moment the pair is retreating 0.66% at 1.5616 with the immediate support at 1.5521 (low Jun.11) ahead of 1.5488 (low Jun.7) and finally 1.5426 (61.8% of 1.5008-1.4685). On the upside, a breakout of 1.5723 (high Jun.18) would clear the way to 1.5753 (high Jun.17) and then 1.5789 (61.8% of 1.6380-1/4832).