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4 Jun 2013
GBP/USD slightly offered on better US trade data
FXstreet.com (London) - The GBP/USD ticked down ever so slightly and is keeping below 1.5300 on the release on an improvement of the US trade data.
The Commerce Department has informed that the trade deficit expanded to -$40.29 billion during April from- $37.13 billion in the previous month (revised). The print is better news for the dollar than the expected -$41.0 billion. The result should keep the pair offered and below the 1.5373 60.8% retracement and previous recent high. The May high is also some way off still at 1.5601.
The team at Commerzbank states that the interim support lies at 1.5200/1.5190 ahead of key support, which remains the 1.5035/1.4997 target zone, made up of the April and the 20th of March lows as well as the 78.6% Fibonacci retracement of the March-to-May rise, placing support at 1.4997 and regarding this as the last defence for 1.4832, the March low. Up next in focus on the calendar for this week will be BoE Thursday and NFP on Friday.
The Commerce Department has informed that the trade deficit expanded to -$40.29 billion during April from- $37.13 billion in the previous month (revised). The print is better news for the dollar than the expected -$41.0 billion. The result should keep the pair offered and below the 1.5373 60.8% retracement and previous recent high. The May high is also some way off still at 1.5601.
The team at Commerzbank states that the interim support lies at 1.5200/1.5190 ahead of key support, which remains the 1.5035/1.4997 target zone, made up of the April and the 20th of March lows as well as the 78.6% Fibonacci retracement of the March-to-May rise, placing support at 1.4997 and regarding this as the last defence for 1.4832, the March low. Up next in focus on the calendar for this week will be BoE Thursday and NFP on Friday.