26 Nov 2014
GBP/USD keeps highs near 1.5740
FXStreet (Edinburgh) - The pound is consolidating the breakout of 1.5700 the figure on Wednesday, now pushing GBP/USD to weekly highs beyond 1.5740.
GBP/USD firmer despite data
The current GBP-upside found oxygen despite the GDP figures for the third quarter in the UK economy failed to surprise investors. In the same line, UK’s CBI Distributive Trade Survey missed estimates at 27 for the month of November vs. 30 expected and October’s 31. However, the actual bull run will be put to the test in light of the packed US docket lying ahead, with Durable Goods Orders and Personal Income/Spending in the limelight amongst others. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is sidelined above 1.5592 from last week but minor resistance at 1.5735/37 needs to be overcome to confirm scope for a recovery to the 1.5792 November 7 low”.
GBP/USD relevant levels
The pair is now advancing 0.17% at 1.5737 with the immediate resistance at 1.5780 (high Nov.13) ahead of 1.5791 (low Nov.7) and then 1.5835 (low Nov.11). On the downside, a break below 1.5681 (10-d MA) would open the door to 1.5649 (low Nov.25) and then 1.5630 (low Nov.24).
GBP/USD firmer despite data
The current GBP-upside found oxygen despite the GDP figures for the third quarter in the UK economy failed to surprise investors. In the same line, UK’s CBI Distributive Trade Survey missed estimates at 27 for the month of November vs. 30 expected and October’s 31. However, the actual bull run will be put to the test in light of the packed US docket lying ahead, with Durable Goods Orders and Personal Income/Spending in the limelight amongst others. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “is sidelined above 1.5592 from last week but minor resistance at 1.5735/37 needs to be overcome to confirm scope for a recovery to the 1.5792 November 7 low”.
GBP/USD relevant levels
The pair is now advancing 0.17% at 1.5737 with the immediate resistance at 1.5780 (high Nov.13) ahead of 1.5791 (low Nov.7) and then 1.5835 (low Nov.11). On the downside, a break below 1.5681 (10-d MA) would open the door to 1.5649 (low Nov.25) and then 1.5630 (low Nov.24).