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20 May 2014
GBP/USD strong but technicals are mixed
FXStreet (Guatemala) - GBP/USD is trading at 1.6841, up 0.17% on the day, having posted a daily high at 1.6868 and low at 1.6802.
GBP is outperforming with the UK inflationary pressures rising 0.4%m/m and 1.8%y/y on headline; while core moved back up to 2.0%y/y. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that stronger inflation, elevated housing prices, and a central bank that is expected to be the first of the G4 to enter its hiking cycle all position GBP to outperform this quarter”. She said that they are holding a GBP/USD Q214 target of 1.70 and year‐end target of 1.67. However, she also added that the GBP/USD short‐term technical are mixed and the technical signals are failing to deliver a consistent outlook for GBP as spot struggles to break back to its 1.6996 high. “Accordingly there is better risk/reward elsewhere. Support lies at the 50‐day MA at 1.6733; while resistance comes in at 1.6900."
GBP/USD Levels
Spot is presently trading at 1.6842, and next resistance can be seen at 1.6847 (Yesterday's High), 1.6863 (Daily Classic R2), 1.6868 (Daily High), 1.6879 (Daily Classic R3) and 1.6899 (Weekly Classic R1). Support below can be found at 1.6841 (Hourly 200 SMA), 1.6838 (Daily Classic R1), 1.6831 (Hourly 20 EMA), 1.6825 (Weekly High) and 1.6825 (Daily 20 SMA).
GBP is outperforming with the UK inflationary pressures rising 0.4%m/m and 1.8%y/y on headline; while core moved back up to 2.0%y/y. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that stronger inflation, elevated housing prices, and a central bank that is expected to be the first of the G4 to enter its hiking cycle all position GBP to outperform this quarter”. She said that they are holding a GBP/USD Q214 target of 1.70 and year‐end target of 1.67. However, she also added that the GBP/USD short‐term technical are mixed and the technical signals are failing to deliver a consistent outlook for GBP as spot struggles to break back to its 1.6996 high. “Accordingly there is better risk/reward elsewhere. Support lies at the 50‐day MA at 1.6733; while resistance comes in at 1.6900."
GBP/USD Levels
Spot is presently trading at 1.6842, and next resistance can be seen at 1.6847 (Yesterday's High), 1.6863 (Daily Classic R2), 1.6868 (Daily High), 1.6879 (Daily Classic R3) and 1.6899 (Weekly Classic R1). Support below can be found at 1.6841 (Hourly 200 SMA), 1.6838 (Daily Classic R1), 1.6831 (Hourly 20 EMA), 1.6825 (Weekly High) and 1.6825 (Daily 20 SMA).