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9 Sep 2014
GBP/USD muted after UK GDP estimate
FXStreet (Córdoba) - GBP/USD remained little changed hovering around 1.6100 after the release of an estimate of UK GDP.
An estimate of NIESR for UK GDP grew by 0.6% in the 3 months to August, following a revised 0.5% rise the previous month. However, data had virtually no effect on the pound that continued immutable around 1.6100. At time of writing, Cable is trading at 1.6103, little changed since opening.
GBP/USD lost more than 1.3% Monday after a poll gave the lead to ‘yes’ in the Scottish independence referendum. At the same time, woes about Scotland made investors pull back BoE rate hike expectations.
GBP/USD technical levels
As for technical levels, GBP/USD could find next supports at 1.6059 (Nov 19 2013 low), 1.6000 (psychological level/200-week SMA) and 1.5988 (Nov 14 2013 low). On the flip side, resistances could be found at 1.6155 (Sept 9 high), 1.6232 (Sept 8 high), 1.6300 (psychological level) and then 1.6320 (Sept 5 closing price).
An estimate of NIESR for UK GDP grew by 0.6% in the 3 months to August, following a revised 0.5% rise the previous month. However, data had virtually no effect on the pound that continued immutable around 1.6100. At time of writing, Cable is trading at 1.6103, little changed since opening.
GBP/USD lost more than 1.3% Monday after a poll gave the lead to ‘yes’ in the Scottish independence referendum. At the same time, woes about Scotland made investors pull back BoE rate hike expectations.
GBP/USD technical levels
As for technical levels, GBP/USD could find next supports at 1.6059 (Nov 19 2013 low), 1.6000 (psychological level/200-week SMA) and 1.5988 (Nov 14 2013 low). On the flip side, resistances could be found at 1.6155 (Sept 9 high), 1.6232 (Sept 8 high), 1.6300 (psychological level) and then 1.6320 (Sept 5 closing price).