Posts tagged ‘gbpusd’

February 17, 2012

GBP/USD selling pressure awaits at 1.5940/50

By charmner charts

The sterling has followed suit in yesterday’s session and jumped from the zone at 1.5670 to the proximities of 1.5820 on the upbeat news from Greece and the possibility of a swap in the ECB holdings of Greek bonds. Market sentiment shifted to risk-on trade after the first half of the session in Europe, where risk aversion has prevailed, propelling the high-yielders to session highs towards the sunset of the American trading hours.

In the view of C.Harmer, analyst at Charmer Charts, the 1.5820 level should hold well the bulls’ attempts, expecting some selling pressure to drag the cross back to 1.5725/1.5700

“Now, if we do break 1.5840 on the topside we should be able to carry on higher with 1.5880 to 1.5910….If above 1.5910 we see 1.5940/50 but this should be the top and we would expect some strong selling pressure here”, she concluded.

February 16, 2012

GBP/USD Hardly Holding Above 1.564

On Wednesday Pound/Dollar traded within almost 70 pip range. The Cable depreciated from 1.5737 to 1.5669 yesterday, in converse with the positive Interbank sentiment at above +35%, closing the day at 1.5691. Today the British Pound descended slightly further down to 1.5658. On the 1 hour chart range trading is forming, while on the 3 hour chart the upward channel is on hold. First resistance is yesterday’s peak at 1.5737. Break above it should extend the bullish movement further towards 1.5861. The nearest support level is today’s bottom at 1.5658. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.5536. There are no major economic events for UK today. Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.5737 1.5861 1.6000
Technical support levels: 1.5658 1.5536 1.5400

February 14, 2012

GBP/USD further downside would visit 1.5640

The sterling is showing some weakness on Tuesday after agency Moody’s put the UK in negative outlook. Thus, coupled with more monetary easing from the BoE and the (so far) disappointment in the Greek front, the cable is under offering pressure in today’s session, along with the rest of its peers.

C.Harmer, analyst at Charmer Charts, has suggested the likelihood of further advance if the cross manages to hold the 1.57 level, with possible targets 1.5790 and 1.5840
On the opposite side, “If we loose this support then we will have further bearish implications with another assault on 1.5640 imminent”, she concluded.

February 8, 2012

Gbpusd:good reaction to the trendline

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February 2, 2012

morning GBP fundamental

The UK manufacturing sector has sprung to life in the first month of 2012 to defy any economic gloom’ – David Noble, chief executive at Cips

U.K. manufacturing sector expanded in January

Impact: High

U.K. manufacturing sector expanded in January, said Markit on Wednesday. The manufacturing purchasing managers’ index rose to 52.1 from 49.7 in December. A reading above 50 signals expansion.

‘The UK manufacturing sector has sprung to life in the first month of 2012 to defy any economic gloom, but it is too early to say whether this trend is sustainable,’ said David Noble, chief executive at Cips.

‘This suggests that there is a very decent chance that the manufacturing sector will return to growth in the first quarter of 2012 after contributing significantly to overall GDP contraction of 0.2% quarter-on-quarter in the fourth quarter of 2011,’ said Howard Archer at IHS Global Insight.

‘However, whether or not the UK can avoid further contraction in the first quarter will depend mainly on what happens to services output and consumer spending.’