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19 Aug 2013
GBP/USD is trading at 1.5654, up 0.23% on Rightmove UK home prices
FXstreet.com (Athens) - After two consecutive weeks of gains, GBP/USD continues to trade higher, posting a daily high at 1.5672 this morning.
UK house prices look to have come off the boil month on month, as reported by the website Rightmove, which isn’t unexpected during the summer months. House prices in the UK still remain buoyant following the commitment from the BOE’s Mark Carney that he’ll keep base rates at 0.5% until unemployment falls to 7% .UBS analysts suggest “We remain cautious on GBP/USD. First, the strength of recent positive data surprises in the UK is unlikely to keep beating expectations. In contrast, a firm August payrolls report in the US will harden expectations the Fed will start tapering its own asset purchases.”
GBP/USD looks technically bullish
Things are very thin on the ground today in terms of economic data and in fact this week continues in a similar vein. The markets continue to focus heavily on when the Federal Reserve might commence tapering its quantitative easing program and are even looking as far ahead as who will take over from Ben Bernanke when he steps down in January of next year. . Danske Research Team suggest ‘traders should place buy limit orders at 1.5617 for objective 1.5753 with the stop being placed at 1.5565’. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support and resistance can be found at S3: 1.5600 S2: 1.5565 S3: 1.5513 R1: 1.5724 R2: 1.5764 R3: 1.5803
UK house prices look to have come off the boil month on month, as reported by the website Rightmove, which isn’t unexpected during the summer months. House prices in the UK still remain buoyant following the commitment from the BOE’s Mark Carney that he’ll keep base rates at 0.5% until unemployment falls to 7% .UBS analysts suggest “We remain cautious on GBP/USD. First, the strength of recent positive data surprises in the UK is unlikely to keep beating expectations. In contrast, a firm August payrolls report in the US will harden expectations the Fed will start tapering its own asset purchases.”
GBP/USD looks technically bullish
Things are very thin on the ground today in terms of economic data and in fact this week continues in a similar vein. The markets continue to focus heavily on when the Federal Reserve might commence tapering its quantitative easing program and are even looking as far ahead as who will take over from Ben Bernanke when he steps down in January of next year. . Danske Research Team suggest ‘traders should place buy limit orders at 1.5617 for objective 1.5753 with the stop being placed at 1.5565’. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support and resistance can be found at S3: 1.5600 S2: 1.5565 S3: 1.5513 R1: 1.5724 R2: 1.5764 R3: 1.5803