DAILY DAY END FOREX REVIEW 7/25/2013

PAIR:GBPUSD

TECHNICAL REVIEW: 

Today price opened at 1.5311 below PP made low of 1.5261, and high of 1.5432. Although it broke 1.54 resistance but closed below it.

FUNDAMENTAL REVIEW:

GBP: GDP data was released of UK. It was 0.6% as forecast 

USD: Core durable goods order at 0.0% against forecast of 0.5%

USD: Unemployment claims at 343K against forecast 339K

USD: Durable goods order m/m at 4.2% against forecast of 1.1% 

CONCLUSION:

In my view GBP long is favorable as British economy is showing signs of improvement.

USD strength is coming from taper expectations, in my point of view data don't support early taper.

Technically GBPUSD is above bollinger bands, daily RSI is above 50, most of moving averages I follow are below price, so i am bullish on GBPUSD.

CONTACT: newtraders01@gmail.com

DAILY DAY END FOREX REVIEW 7/24/2013

PAIR: GBPUSD
TECHNICAL REVIEW:
Today it opened at 1.5365, made high of 1.5389 and low of  1.5287. It got resistance from 61.8% fib level and was supported at 50% fib of 1.575-1.4812. Support was also provided by 50d average at 1.5287.
There is event risk of preliminary British GDP data tomorrow. Only good data can support price and will take it above 61.8% fib.
Today range: 100 pips.
FUNDAMENTAL REVIEW:
GBP:
CBI Industrial order expectation data was released today, it was -12 as expected. It was medium impact data and came as expected so could not support GBP.
USD:
There were 3 fundamental news in USD, Flash Manufacturing PMI was 53.2 against expected 52.5
New Home Sales 497K against expected 482K.
Crude Oil Inventries -2.8M against -2.5M expected.
Fundamentals supported USD.
CONTACT: newtraders01@gmail.com