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29 Jul 2015
GBP/USD surging higher to 1.56 levels - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet note that the GBP/USD pair surged to a fresh weekly high of 1.5627, with the Pound finding intraday demand after the release of the UK GDP figures for the second quarter of this 2015.
Key Quotes:
"The UK economy grew 0.7% in the mentioned period was in line with market's expectations, and above previous quarter reading of 0.4%. Reading in between lines however, the manufacturing sector declined 0.3% whilst the construction sector was unchanged, suggesting an uneven recovery. The pair eased intraday after peaking, but by the end of the day holds to its gains, hovering around the 1.5600 level. The short term technical picture presents a limited upward potential, as despite the price holds above a bullish 20 SMA, the technical indicators have turned lower, holding for now above their mid-lines."
"In the 4 hours chart, the technical indicators head higher above their mid-lines, whilst the price stands above flat moving averages that reflect the lack of upward strength.:
Key Quotes:
"The UK economy grew 0.7% in the mentioned period was in line with market's expectations, and above previous quarter reading of 0.4%. Reading in between lines however, the manufacturing sector declined 0.3% whilst the construction sector was unchanged, suggesting an uneven recovery. The pair eased intraday after peaking, but by the end of the day holds to its gains, hovering around the 1.5600 level. The short term technical picture presents a limited upward potential, as despite the price holds above a bullish 20 SMA, the technical indicators have turned lower, holding for now above their mid-lines."
"In the 4 hours chart, the technical indicators head higher above their mid-lines, whilst the price stands above flat moving averages that reflect the lack of upward strength.: