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15 Jan 2015
GBP/USD bears commitments tested
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5185 with a high of 1.5269 and a low of 1.5150 and down 0.30% on the day.
GBP/USD has remained firm albeit within a wide range due to the market volatility and subsequent trade offs on the back of the SNB surprise. The range has been between the lows of the mid int of the 1.51 handle and 1.5269.
The calendar has been light with only US data in the form of Producer Price index. That came in slightly better than expected ahead of tomorrows CPI's that will be closely watched and included into the Feds deaccession making process in respect of the timings of a potential rate hike this year. Technically, the major is trading to the upside against the grain of the years downward trajectory so far. 1.5270/80 acts as a resistance ahead of the bearish gap at 1.5300. Those who bet on gaps closing sooner later will be looking for opportunities to hold and to long positions on dips while the bears commitment continues to be tested at 1.5180.
GBP/USD has remained firm albeit within a wide range due to the market volatility and subsequent trade offs on the back of the SNB surprise. The range has been between the lows of the mid int of the 1.51 handle and 1.5269.
The calendar has been light with only US data in the form of Producer Price index. That came in slightly better than expected ahead of tomorrows CPI's that will be closely watched and included into the Feds deaccession making process in respect of the timings of a potential rate hike this year. Technically, the major is trading to the upside against the grain of the years downward trajectory so far. 1.5270/80 acts as a resistance ahead of the bearish gap at 1.5300. Those who bet on gaps closing sooner later will be looking for opportunities to hold and to long positions on dips while the bears commitment continues to be tested at 1.5180.