GBP/USD resting below 1.57 figure

FXstreet.com (Barcelona) - Cable is last trading at 1.5685 off double high at 1.57 figure printed both by mid NY trade and early Tokyo session. Mentioned double 1.57 high is highest level the pair has seen since early February.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com, GBP/USD “has been finding support around its 20 SMA, currently around 1.5660,” in the hourly chart, “while in the 4 hours chart momentum continues heading north and RSI standing flat around 70, which in no means suggest the rally is done.”

“Corrective movements down to 1.5550 should attract buyers, while 1.5770 remains as next strong resistance area to test over the upcoming sessions,” Bednarick said. The analyst finds support levels at: 1.5660, 1.5610 and 1.5550, while resistance levels at: 1.5690, 1.5730 and 1.5770.

Jun 13, 2013

Flash: China shows no pick-up, but no reason to panic - Standard Chartered

The weaker-than-expected Chinese data over the weekend raised again a red flag about the soft path the country is walking. However, in view of Standard Chartered Researchers, May data suggests steady but slow growth momentum, with little chance of policy loosening. The bank sees the job market still relatively firm.

USD/JPY technical set up continues to deteriorate as bears maintain control

The USD/JPY has suffered steep losses over the last few days, with many analysts pointing towards the Bank of Japan’s decision to hold keep current monetary policy unchanged and their most meeting as a main reason for the declines. However, not all analysts are so sure about this, with same saying the global risk aversion theme and sharp declines in the equity market have also had an effect on the USD/JPY as previous ‘risk on’ trades being to unwind.