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Forex: GBP/USD at 1.5660 ahead of UK trade balance

By FXstreet.com,  August 09, 2012, 04:05:00 AM EDT

FXstreet.com (Barcelona) - Capped at 1.5686 ahead of the Chinese data and BoJ monetary policy, the GBP/USD dropped to 1.5656 low on the London opening, so far. The pair is currently trading at 1.5660.

At 08:30 GMT, trade balance figures in the UK are released and market consensus points to a wider trade deficit in June. The July CB leading economic indicator is also due to be released.

"Last week the market saw repeated failure at 1.5727/86 200 day ma and Fibonacci resistance, but also saw recovery from the 2 month support line at 1.5479", wrote Commerzbank analyst Karen Jones, with bias to the downside, though a test of resistance remains possible.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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