• 
• See all for FXstreet.com
• View Print Version

FXstreet.com (San Francisco) - Consolidative price behavior with downward tendencies is the GBP/USD theme in the Asia-Pacific this Thursday, having sagged down to 1.5665 from an earlier high of 1.5688. The market has been rotating around the 100-day EMA since the weekly opening, and, at the time of writing, price is trading below.

"In the 4 hours chart a slightly bearish tone is developing in the pair, yet a break either below 1.5655 or above 1.5730, followed by a pullback or another technical confirmation is required to see more action in the pair," comments Valeria Bednarik, Chief Analyst at FXstreet.com.

In the European session ahead, UK Retail Sales for July is on the economic docket. "With the festive air surrounding the Queen's Jubilee in June and the London Olympics kicking off in late-July, there's ample reason to expect month-to-month volatility in these data," says Rabobank. "It will take a month or so for a clearer picture of underlying spending momentum to appear."

If GBP/USD manages to break out of its tight range, Ms. Bednarik identifies support levels at 1.5655, 1.5620 and 1.5590, while resistance levels lie at 1.5710, 1.5735 and 1.5770.

Related Forex and Currencies Articles

• 
  U.S stocks dive as Fed suggests stimulus may end in 2014; Dow dips 1.35%
  6/19/2013 01:29 PM
• 
  Forex - USD/JPY gains as Bernanke says easing could taper this year
  6/19/2013 12:30 PM
• 
  Forex - Dollar gains as Bernanke says easing may end in 2014
  6/19/2013 12:29 PM