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18 Dec 2013
GBP/USD rises to the occasion
FXstreet.com (Barcelona) - GBP/USD posted an overnight low at 1.6258 before climbing steadily overnight to where it is presently trading at 1.6289.
GBP/USD eyes on Bank of England Minutes
It is a heavy day of central bank action for GBP/USD ahead, starting with the BoE minutes and votes, and employment data at 09:30 GMT. Presently, the ILO Unemployment Rate sits at 7.6% with analysts expecting no change. Later, the hotly anticipated FOMC meet will take place at 17:00 GMT, with the world watching to see if outgoing Chairman Bernanke will surprise markets by starting the tapering process in his final meeting. News of other note in the political arena is that this morning, EU Finance Ministers made a tentative agreement to provide a backstop for banks.
What are today’s key GBP/USD levels and patterns?
Today’s pivot point can be found at 1.6271, with resistance above at 1.6328 (R1), 1.6394 (R2) and 1.6451 (R3), and support below at 1.6205 (S1), 1.6148 (S2) and 1.6082 (S3). Matt Bacon-Hall of FXBeat sees upcoming resistance at 1.6340-50 where Corporate bids are positioned, and support below at 1.6210-00, with Corporate bids. Spot could derive support from a clustering of technical levels between 1.6285 through to 1.6251, Also, on the one day chart, a Dark Cloud Cover Candlestick pattern can be seen.
GBP/USD eyes on Bank of England Minutes
It is a heavy day of central bank action for GBP/USD ahead, starting with the BoE minutes and votes, and employment data at 09:30 GMT. Presently, the ILO Unemployment Rate sits at 7.6% with analysts expecting no change. Later, the hotly anticipated FOMC meet will take place at 17:00 GMT, with the world watching to see if outgoing Chairman Bernanke will surprise markets by starting the tapering process in his final meeting. News of other note in the political arena is that this morning, EU Finance Ministers made a tentative agreement to provide a backstop for banks.
What are today’s key GBP/USD levels and patterns?
Today’s pivot point can be found at 1.6271, with resistance above at 1.6328 (R1), 1.6394 (R2) and 1.6451 (R3), and support below at 1.6205 (S1), 1.6148 (S2) and 1.6082 (S3). Matt Bacon-Hall of FXBeat sees upcoming resistance at 1.6340-50 where Corporate bids are positioned, and support below at 1.6210-00, with Corporate bids. Spot could derive support from a clustering of technical levels between 1.6285 through to 1.6251, Also, on the one day chart, a Dark Cloud Cover Candlestick pattern can be seen.