FXStreet (Barcelona) - The AceTrader Team gives the technical outlook and key bid and offer levels for GBP/USD, and further note that the near-term movement in EUR/GBP will weigh on Cable’s demand.
Key Quoted
“Cable rebounded strongly on Thursday after a brief drop to 1.4960 in Europe after U.K. retail sales missed estimates. Despite subsequent rally to session high of 1.5070 in NY afternoon, selling interest below Wednesday's 5-week peak at 1.5080 capped intra-day gain at 1.5070 n price subsequently retreated to 1.5042 at Asian open and then marginally lower to 1.5036.”
“Due to the absence of U.K. economic events on Friday, the British pound is likely to track euro's intra-day move closely, however, near term 'active' unwinding in eur/gbp cross (eur/gbp rallied from 0.7111 to 0.7198 on Thur) should weigh on the demand on cable today.”
“At the moment, offers are tipped at 1.5060-70, 1.5080-90 n more around 1.5100 with mixture of offers n stops located at 1.5120-30, whilst bids from various accounts are placed at 1.5010-00 and then 1.4980-70 with stops emerging just below yesterday's low at 1.4660.”