On Friday, the euro/dollar reached 1.3891, updating the two-year highs. The daily candle showed two-figure growth, but then collapsed back on 160 points, to 1.3730. According to analysts, the movement is unprecedented in daily volatility of recent years. It is worth noting that it is firmly held in the absence of any news. Apparently, a large number of speculators opened on sale in the mark of 1.37 during that consolidation was observed before the Christmas holidays and on Friday their «issued». After the Fed announced the beginning collapse of quantitative easing, expect further decline was quite logical, but the euro has once again demonstrated its ability to grow in spite of the fundamental data.
British retains the potential for growth.
The British pound in the last trading day corrected, but generally retains the potential for continued growth, with increased confidence in the future recovery of the UK economy. On Monday, December 30 at 07:00 GMT will house price index in the UK from the building society nationwide. Analysts predict that the indicator will record growth in housing prices by 0.7% in December from 0.6 % last month and 7.1% y/y vs. 6.5% y/y.
The GBP/USD was trading at 1.6475, in the area that supports above 1.6440 (38.2% Fibo of 1.6220 dollars), lower loss may extend to 1.6320, and 1.6280/60 (13 December lows/channel support line from November 12). Above Friday's peak of 1.6580 resistance at 1.6625 (August 2011 highs) and 1.6700 (channel resistance line from November 12).
GBP/USD Hourly Chart" title="GBP/USD Hourly Chart" width="600" height="221">
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GBP/USD Was Trading At $1.6475
Published 12/31/2013, 12:53 AM
Updated 07/09/2023, 06:31 AM
GBP/USD Was Trading At $1.6475
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