The Pound has been consolidating gains against the Greenback since the mid American session

<p>  GBP/USD Range: 1.5930 – 1.5964 Support: 1.5890 Resistance: 1.5980 The Pound has been consolidating gains against the Greenback since the mid American session, trading within a relatively […]</p>

 

GBPUSD
GBP/USD
Range: 1.5930 – 1.5964
Support: 1.5890
Resistance: 1.5980
The Pound has been consolidating gains against the Greenback since the mid American session, trading within a relatively narrow range between 1.5930 and 1.5965. Yesterday saw a sharp rise setting a fresh 8 day high. This week has seen a number of figures for the Pound, however none ultimately carried any significant weight. Next Thursday should be the big indicator for this pair, as the BoE announce their interest rate, and although nothing is set to change, the tone of the words (hawkish or dovish) could be a big swing factor.
USDJPY

USD/JPY

Range: 80.53 – 81.08
Support: 80.40
Resistance: 81.40
The Japanese Yen is slowly approaching the key 80.40 level; near the 15 year low. After the pair accelerated to higher levels earlier this week, reaching a fresh 2 week high at 81.98, the pair retreated to break the 80.61 level. This morning there was poor economic data from Japan, leading to a fall in the Nikkei, however the currency remains strong, with the general feeling of risk aversion ahead of the US GDP data and the FOMC next week.
EURGBP

EUR/GBP

Range: 0.8705 – 0.8743
Support: 0.8700
Resistance: 0.8750
The talk within market over the past few days is that there has been some decent sized bids in the crosses around the 0.8700 and just below. There is also the expectation of the usual end of month EURGBP central bank flows which should support the pair. Next week is a very important week for all financial markets, with crunch time decisions coming from the UK, EU and US, perhaps this time next week, we shall know where we stand over QE

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.