Back
8 Jul 2013
GBP/USD bid in European markets
FXstreet.com (London) - GBP/USD reached a low of 1.4858
GBP/USD will be tracked today in relation to last weeks NFP’s as the market digests the data and subsequent price actions in the markets. The GBP/USD has picked up a little bit in European trade, testing towards the1.4900 handle. And is currently bid. The market will be looking out for the BoE minutes on 17th July and in deed traders will pay particular attention to the signals from the minutes in respect of interest rates. Data for the pair will hit the wires tomorrow with RICS, Manufacturing and Trade Balance in the UK .
GBP/USD reached 61.8% retracement
Karen Jones, Head Analyst at Commerzbank said GBP/USD saw a violent sell off last week. It has reached support at 1.4854/32, the 61.8% retracement of the 2009 move higher and the March low, and she suspects we will see some profit taking here. “Please note there is very little support between here and the 1.4229 2010 low.”
GBP/USD will be tracked today in relation to last weeks NFP’s as the market digests the data and subsequent price actions in the markets. The GBP/USD has picked up a little bit in European trade, testing towards the1.4900 handle. And is currently bid. The market will be looking out for the BoE minutes on 17th July and in deed traders will pay particular attention to the signals from the minutes in respect of interest rates. Data for the pair will hit the wires tomorrow with RICS, Manufacturing and Trade Balance in the UK .
GBP/USD reached 61.8% retracement
Karen Jones, Head Analyst at Commerzbank said GBP/USD saw a violent sell off last week. It has reached support at 1.4854/32, the 61.8% retracement of the 2009 move higher and the March low, and she suspects we will see some profit taking here. “Please note there is very little support between here and the 1.4229 2010 low.”