FXstreet.com (Barcelona) - The pair has paired its losses of the day, trading in a 70-pip range this morning during European trading. In recent minutes the pair has rocketed forward past its 20, 50, and 100 SMA in the hourly charts, as it now resides in positive territory for the first time Tuesday.
This surge comes ahead of a bevy of economic data scheduled for release later this morning in the United Kingdom, including some important manufacturing and industrial indicators. Consensus expectations are calling for a rather gloomy forecast however, which seems to have been the theme of the day so far across Europe.
In terms of technical levels, the GBP/USD has settled presently in the region of 1.5622, marking a modest advance of +0.11% on the day. According to the technical analysts at ICN.com, the pair’s rise will be tested by measures of resistance at 1.5630, 1.5690, and ultimately 1.5730. Conversely, a revision back towards negative territory will inch closer towards the supports at 1.5555, 1.5510, and 1.5490.
This surge comes ahead of a bevy of economic data scheduled for release later this morning in the United Kingdom, including some important manufacturing and industrial indicators. Consensus expectations are calling for a rather gloomy forecast however, which seems to have been the theme of the day so far across Europe.
In terms of technical levels, the GBP/USD has settled presently in the region of 1.5622, marking a modest advance of +0.11% on the day. According to the technical analysts at ICN.com, the pair’s rise will be tested by measures of resistance at 1.5630, 1.5690, and ultimately 1.5730. Conversely, a revision back towards negative territory will inch closer towards the supports at 1.5555, 1.5510, and 1.5490.
