IMPACT ON THE USD-
Today, the focus has shifted to retail sales, core retail sales, and unemployment data. The Chinese disappointing data supported the demand for the Yen and pushed the US dollar lower against most of the currencies. The Greece political instability and China's economy slowdown put pressure on the US dollar at the yesterday's session.
TECHNICAL VIEW
The pair rose notably at the previous session and managed to close above 20Dsma. The cable has intraday parallel resistances at 1.5726 and 1.5764 and weekly resistance at 1.5826. We recommend fresh intraday buying above 1.5726 with the targets at 1.5760 and 1.5800. The pair has support at 1.5725, 1.5690, and 1.5650. The selling pressure will emerge only below 1.5680. This bullish view is only for the near term. Today's US data can weigh the pair. Positive readings of the US reports can trigger selling pressure. We recommend selling below 1.5680 levels.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical Analysis of GBP/USD for December 11, 2014 . Thanks for your support.
No comments:
Post a Comment