19 Feb 2015
GBP/USD: Remains in bullish territory; bulls eye 1.6000
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5418 with a high of 1.5466 and a low of 1.5403.
GBP/USD is on the bid still on the back of promising outlooks from the UK and a neutral BoE, the pace maker amongst more dovish global banks which is supporting the pound.
Also, UK average weekly wage growth picked up to 2.1% y/y in December, "And if the market shifts its pricing in the next few months (either re-pricing Fed rate expectations down, or bringing forward the expected timing of a UK rate hike)GBP/USD can easily get back above 1.60", explained Kit Jukes, Global Head of Currency Strategy at Societe Generale. Technically, the major is down from the highs and the Elliott wave count on the daily is suggesting this should already be the end of the correction. However the market looks bid, according to Karen Jones, chief analyst at Commerzbank.
GBP/USD is on the bid still on the back of promising outlooks from the UK and a neutral BoE, the pace maker amongst more dovish global banks which is supporting the pound.
Also, UK average weekly wage growth picked up to 2.1% y/y in December, "And if the market shifts its pricing in the next few months (either re-pricing Fed rate expectations down, or bringing forward the expected timing of a UK rate hike)GBP/USD can easily get back above 1.60", explained Kit Jukes, Global Head of Currency Strategy at Societe Generale. Technically, the major is down from the highs and the Elliott wave count on the daily is suggesting this should already be the end of the correction. However the market looks bid, according to Karen Jones, chief analyst at Commerzbank.