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GBP/USD: making good headway on the bid

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - GBP/USD is currently trading at 1.5479 with a high of 1.5484 and a low of 1.5246.

    GBP/USD is well bid with the market getting out of dollars on the back of the poor US data on offer in today's US session. Overnight, in London however, the UK reported deflationary CPI's, but the main event came in the UK's jobs data and wages. Overall, the jobs reports was taken as a positive as the unemployment number was the lowest since 2008, with more people employed since records began while wages are still healthy.

    The US data gave rise to a further bid with a miss in retail sales and PPI's. Then, the beige book explained that the economic activity continued to expand modestly, although wages gains subdued except in highly skilled workers with labour markets tightening on most districts.

    USD/JPY levels

    Technically, Valeria Bednarik, chief analyst at FXStreet explained that the 1 hour chart shows that the pair is now advancing beyond the 61.8% retracement of its latest daily decline at 1.5445, now the immediate support, whilst the technical indicators continue heading higher, despite being in extreme overbought territory.

    "In the 4 hours chart, the technical indicators maintain their bullish slopes well into positive territory, in line with the shorter term picture and with additional gains for this Thursday."
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