GBP/USD TECHNICAL OUTLOOK - 07.10.2016
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GBP/USD. Pair after opening at 1.2748 made a high of 1.2768, and seen some selling pressure in the pair ,the pair had support of 1.2870 and the pair after violating 1.2870 mark , and in today Asia session the pair violated even 1.20 and again came back to 1.24 levels so now spike low has been made and pair is likely to consolidate
Fundamental Overview
Pound is trading at 1.2428, after a surprise drop below 1.19 in the early Asian session. There is no specific reason, except for a fat finger error followed by a series of stop loss triggers. The pair has stabilized near the 1.24 levels for the moment and we would have to wait for the European session to see how the follow through would be. Another steep fall from these levels looks unlikely but we would like to watch the pair from sidelines
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
13:00:00 GBP Halifax House Price Index (YoY) (Sep) 5.80% 6.90%
13:00:00 GBP Halifax House Price Index (MoM) (Sep) 0 -0.002
14:00:00 GBP Industrial Production (MoM) (Aug) 0.10% 0.10%
14:00:00 GBP Manufacturing Production (MoM) (Aug) 0.50% -0.90%
14:00:00 GBP Trade Balance (Aug) -11.30B -11.76B
14:00:00 GBP Trade Balance Non-EU (Aug) -3.70B -4.19B
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GBP/USD. Pair after opening at 1.2748 made a high of 1.2768, and seen some selling pressure in the pair ,the pair had support of 1.2870 and the pair after violating 1.2870 mark , and in today Asia session the pair violated even 1.20 and again came back to 1.24 levels so now spike low has been made and pair is likely to consolidate
Fundamental Overview
Pound is trading at 1.2428, after a surprise drop below 1.19 in the early Asian session. There is no specific reason, except for a fat finger error followed by a series of stop loss triggers. The pair has stabilized near the 1.24 levels for the moment and we would have to wait for the European session to see how the follow through would be. Another steep fall from these levels looks unlikely but we would like to watch the pair from sidelines
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
13:00:00 GBP Halifax House Price Index (YoY) (Sep) 5.80% 6.90%
13:00:00 GBP Halifax House Price Index (MoM) (Sep) 0 -0.002
14:00:00 GBP Industrial Production (MoM) (Aug) 0.10% 0.10%
14:00:00 GBP Manufacturing Production (MoM) (Aug) 0.50% -0.90%
14:00:00 GBP Trade Balance (Aug) -11.30B -11.76B
14:00:00 GBP Trade Balance Non-EU (Aug) -3.70B -4.19B