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Forex: GBP/USD capped below 1.5750, UK housing data eyed

By FXstreet.com,  July 30, 2012, 01:01:00 AM EDT

FXstreet.com (San Francisco) - After recording a 0.7% gain last week, GBP/USD trades sideways in the 1.5725 area vs. 1.5744 overnight Friday, bracketed between 1.5747 and 1.5710, and limited below the 200-day EMA, last valued at 1.5750.

In the European session ahead, UK Mortgage Approvals in June will be key risk event for GBP, due for release at 08:30 GMT, with the consensus forecast calling for a growth of 49,000 from around 52,000 in the previous month. M4 Money Supply and Consumer Credit data for June will all be released at that time. Later in the day, results of the July CBI Distributive Trades Survey - Realized will be reported at 10:00 GMT. Also, the Bank of England will hold its policy meeting on Thursday.

If GBP/USD manages to push above the 200-day EMA, further resistance lies at 1.5782 (50%, 1.6297/1.5268), 1.5800 (figure) and 1.5870 (100-weekly EMA). To the downside, support lies at 1.5690 (100-day EMA), 1.5677 (17 July peak) and 1.5640 (55-day EMA).




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

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