2 Sep 2013
GBP/USD forges grounds at 50% Fibonacci retracement
FXstreet.com (Chicago) - GBP/USD peaked to 2.5595 session highs after printing two runaway highs indicative of heavy buying. The pair deflated to 1.5530 zone and failed to sustain 100+ pips performance for the day.
Cameron urging to the Commons?
In the UK, Markit manufacturing was 57.2 vs. prior 54.8 and an expected 55.0. Hometrack housing prices (MoM) had been released on Sunday night to print 0.4% vs. prior 0.3%. According to Boris Jonhson and other news sources, there are rumors running around in regards to Prime Minister David Cameron and the urge to vote again for a Syrian military strike. The FTSE 100 closed 1.45% higher on strong start of the week. Due to the US Labor Day, the markets in the American country are closed.
GBP/USD Technical Levels
Price action reveals the exhaustion of bullish rally after 50% of gains were wiped out at the opening of the American trading session. Apparently, the drive was caused because of the Verizon/Vodafone news. At 1.5537, the pair navigates between supports at 1.5517 (August 15th lows), 1.5480 (August 29th lows) ahead of 1.5460 (August 30th lows) and resistances at 1.5544 (August 23rd lows), 1.5572 (August 22nd lows) followed by 1.5605 (August 24th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and trades below the EMA20.
Cameron urging to the Commons?
In the UK, Markit manufacturing was 57.2 vs. prior 54.8 and an expected 55.0. Hometrack housing prices (MoM) had been released on Sunday night to print 0.4% vs. prior 0.3%. According to Boris Jonhson and other news sources, there are rumors running around in regards to Prime Minister David Cameron and the urge to vote again for a Syrian military strike. The FTSE 100 closed 1.45% higher on strong start of the week. Due to the US Labor Day, the markets in the American country are closed.
GBP/USD Technical Levels
Price action reveals the exhaustion of bullish rally after 50% of gains were wiped out at the opening of the American trading session. Apparently, the drive was caused because of the Verizon/Vodafone news. At 1.5537, the pair navigates between supports at 1.5517 (August 15th lows), 1.5480 (August 29th lows) ahead of 1.5460 (August 30th lows) and resistances at 1.5544 (August 23rd lows), 1.5572 (August 22nd lows) followed by 1.5605 (August 24th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and trades below the EMA20.