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2 Feb 2015
GBP/USD stuck in range, waiting for next catlysts
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5050 with a high of 1.5105 and low of 1.5004.
GBP/USD is capped by the tough resistance at 1.5080, with a score or two onto the 1.51 handle, but contained in the main within a narrow range where the downside has tested the 1.5000 level scoring a low of 1.4987.
Earlier, the price was subject to UK data with manufacturing PMI's slightly better than expected rising to 53.0 (consensus: 52.7). However the big up take within the data was the "first meaningful improvement in new export order volumes registered for five months," as noted by analyst at TD Securities who recognised better demand from France, Germany, Japan, the Middle East, Poland, and the US.
The week ahead could now be the catalyst, however, to get the pair out of this range, with a number of risk events ahead, with US data, BoE and Nonfarm payrolls. Levels to the upside through current range could find initial resistance at 1.5300 ahead of major resistance 1.5350. 1.4813 is considered to be the major break down point longer term to 1.4290/30 as explained by Karen Jones, chief analyst at Commerzbank. "Note the 1.4910/1.4813 zone represents a long term Fibonacci retracement and the 2013 low."
GBP/USD is capped by the tough resistance at 1.5080, with a score or two onto the 1.51 handle, but contained in the main within a narrow range where the downside has tested the 1.5000 level scoring a low of 1.4987.
Earlier, the price was subject to UK data with manufacturing PMI's slightly better than expected rising to 53.0 (consensus: 52.7). However the big up take within the data was the "first meaningful improvement in new export order volumes registered for five months," as noted by analyst at TD Securities who recognised better demand from France, Germany, Japan, the Middle East, Poland, and the US.
The week ahead could now be the catalyst, however, to get the pair out of this range, with a number of risk events ahead, with US data, BoE and Nonfarm payrolls. Levels to the upside through current range could find initial resistance at 1.5300 ahead of major resistance 1.5350. 1.4813 is considered to be the major break down point longer term to 1.4290/30 as explained by Karen Jones, chief analyst at Commerzbank. "Note the 1.4910/1.4813 zone represents a long term Fibonacci retracement and the 2013 low."