Forex: GBP/USD ends six day winning streak, fails again at 1.5600 resistance

FXstreet.com (Barcelona) - The GBP/USD finally ended its six day winning streak, closing down 22 pips at 1.5533. At one point, the pair traded as high as 1.5590, but was unable to take out the critical 1.5600 resistance level. Construction PMI came in better then estimates at 49.40 vs. 48.00 forecast, but the pair was unable to sustain early gains. Furthermore, Market participants will keep an eye on the US Non Farm Payrolls data due out at 12:30 GMT.

From a technical perspective, the pair was again unable to take out resistance near the upper channel located 1.5600. Short term moving averages remain bullish, with price above both the upward sloping 9 and 20 dma’s. Initial support comes in at 1.5496 (previous day low), followed by 1.5448 (the 9dma). Initial resistance sits at 1.5600 (channel resistance), followed by 1.5650 (previous support, now resistance on daily chart).

May 3, 2013

Forex Flash: ECB to stay on hold for the foreseeable future - Rabobank

“The ECB’s view of the economy hasn’t changed,” analysts at Rabobank say, “and it still expects a stabilization and gradual recovery from 2013H2 onwards,” they add. “But it admits that weak economic activity has “extended into spring” i.e., longer than it had previously anticipated, and this triggered the rate cut,” Rabobank concludes.

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May 3, 2013

Forex Flash: NFP points to a loss of momentum - BBH

Later on US NFP data at 12:30 GMT is one of the most important risk events for the week, and it “comes on the heels of a series of economic reports that were weaker than the consensus expected and points to a loss of momentum in late Q1 that is carrying into Q2,” says Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman.

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