10 Aug 2015
GBP/USD bulls tiring after Lockhart rally
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5592 with a high of 1.5607 and low of 1.5457.
GBP/USD has had a pop on the bid on a broad based bull squeeze in the greenback despite Lockhart practically giving September the nod once again today. The 1.56 handle has come under pressure but the rally has lost momentum there as the major now oscillates within the 1.5590's.
The CFTC Commitment of Traders Report as at 4th August 2015 shows that net sterling shorts continued to drop. "However, the BoE was far less hawkish than expected on ‘SuperThursday’ and this could impact net shorts in the next set of data," explained analysts at Rabobank.
Technically, Karen Jones, chief analyst at Commerzbank noted that GBP/USD nearly dropped to the 38.2% Fibonacci retracement at 1.5409, below which lurk the 200 day moving average at 1.5381 as well as the July trough at 1.5330 back on the map. "Both of these are now in focus as long as the 55 day moving average at 1.5552 caps. Above it the three month resistance line can be seen at 1.5630."
GBP/USD has had a pop on the bid on a broad based bull squeeze in the greenback despite Lockhart practically giving September the nod once again today. The 1.56 handle has come under pressure but the rally has lost momentum there as the major now oscillates within the 1.5590's.
The CFTC Commitment of Traders Report as at 4th August 2015 shows that net sterling shorts continued to drop. "However, the BoE was far less hawkish than expected on ‘SuperThursday’ and this could impact net shorts in the next set of data," explained analysts at Rabobank.
Technically, Karen Jones, chief analyst at Commerzbank noted that GBP/USD nearly dropped to the 38.2% Fibonacci retracement at 1.5409, below which lurk the 200 day moving average at 1.5381 as well as the July trough at 1.5330 back on the map. "Both of these are now in focus as long as the 55 day moving average at 1.5552 caps. Above it the three month resistance line can be seen at 1.5630."