FXstreet.com (Barcelona) - From 1.5771 low obtained on the American opening, the GBP/USD kept bouncing back and then rallied after the US home sales release. The pair spiked to 1.5810 session high and is now trading at 1.5800 psychological level.
Although US home sales data came in earlier than expected, it shows a rise in July, by 2.3%, from $4.37M to $4.47M. However, market consensus was pointing to a +3.8% improvement.
Meanwhile, HSBC analysts said that the ESM could be the backbone of the Euro, estimating €7B per week as the necessary amount of intervention to keep yields capped.
“Yesterday's break above 1.5780 static resistance clearly shows, that the bullish bias is absolutely intact and I expect a continuation of the uptrend towards 1.5980”, wrote Deltastock.com analyst Stoyan Mihaylov, expecting the current corrective move to be limited above 1.5740.
Although US home sales data came in earlier than expected, it shows a rise in July, by 2.3%, from $4.37M to $4.47M. However, market consensus was pointing to a +3.8% improvement.
Meanwhile, HSBC analysts said that the ESM could be the backbone of the Euro, estimating €7B per week as the necessary amount of intervention to keep yields capped.
“Yesterday's break above 1.5780 static resistance clearly shows, that the bullish bias is absolutely intact and I expect a continuation of the uptrend towards 1.5980”, wrote Deltastock.com analyst Stoyan Mihaylov, expecting the current corrective move to be limited above 1.5740.
