1 Dec 2014
GBP/USD nearing 1.5740 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that the GBP/USD pair surged to a fresh daily high extending above 1.5700 levels due to the unexpected surge in the British manufacturing activity, and anticipates the pair to reach 1.5740 level.
Key Quotes
“Pound surges to a fresh daily high against the greenback extending above the 1.5700 level, after British manufacturing activity unexpectedly surged in November to 53.5 from 53.3 in October; furthermore, U.K. mortgage approvals fell to the lowest in more than a year, signaling the property market is cooling.”
“The GBP/USD pair remains close to a daily high of 1.5731 and nearing 1.5740 strong static resistance, with the 4 hours chart showing 20 SMA capping the upside at current levels and indicators bouncing from oversold levels, but still below their midlines, limiting latest upward momentum.”
“At this point, the pair needs to accelerate beyond mentioned 1.5740 to confirm further intraday advances, eyeing then an approach to the 1.5800 price zone. Immediate support stands now at 1.5690 with a break below exposing 1.5650 price zone.”
Key Quotes
“Pound surges to a fresh daily high against the greenback extending above the 1.5700 level, after British manufacturing activity unexpectedly surged in November to 53.5 from 53.3 in October; furthermore, U.K. mortgage approvals fell to the lowest in more than a year, signaling the property market is cooling.”
“The GBP/USD pair remains close to a daily high of 1.5731 and nearing 1.5740 strong static resistance, with the 4 hours chart showing 20 SMA capping the upside at current levels and indicators bouncing from oversold levels, but still below their midlines, limiting latest upward momentum.”
“At this point, the pair needs to accelerate beyond mentioned 1.5740 to confirm further intraday advances, eyeing then an approach to the 1.5800 price zone. Immediate support stands now at 1.5690 with a break below exposing 1.5650 price zone.”