23 Jul 2013
GBP/USD advances firmly, eyes on 1.5400
FXstreet.com (Edinburgh) -The bullish momentum around the sterling is not giving up on Tuesday, with the GBP/USD testing fresh multi-week highs around 1.5380.
GBP/USD vs. UK GDP
The biggest event for the pound ahead in the week will be the release of the advanced GDP figures for the second quarter. Prior surveys point to an annual expansion of 1.4% and 0.6% inter-quarter. Camilla Sutton, Strategist at Scotiabank, remarks the short-term bullish stance on the pair, adding, “nearing 1.5394, the 61.8% Fibo retracement level of the recent decline. GBP has already broken both the 50 and 100 day MA’s (1.5288 and 1.5272, respectively), while the 200-day MA lies at 1.5581. Momentum and trend indicators are bullish”.
GBP/USD key levels
As of writing the pair is up 0.06% at 1.5371 with the next barrier at 1.5394 (61.8% of 1.5753-1/4814) ahead of 1.5442 (high Jun.26) and finally 1.5480 (high Jun.25). On the flip side, a breakdown of 1.5300 (MA30d) would target 1.5258 (low Jul.22) en route to 1.5205 (MA10d).
GBP/USD vs. UK GDP
The biggest event for the pound ahead in the week will be the release of the advanced GDP figures for the second quarter. Prior surveys point to an annual expansion of 1.4% and 0.6% inter-quarter. Camilla Sutton, Strategist at Scotiabank, remarks the short-term bullish stance on the pair, adding, “nearing 1.5394, the 61.8% Fibo retracement level of the recent decline. GBP has already broken both the 50 and 100 day MA’s (1.5288 and 1.5272, respectively), while the 200-day MA lies at 1.5581. Momentum and trend indicators are bullish”.
GBP/USD key levels
As of writing the pair is up 0.06% at 1.5371 with the next barrier at 1.5394 (61.8% of 1.5753-1/4814) ahead of 1.5442 (high Jun.26) and finally 1.5480 (high Jun.25). On the flip side, a breakdown of 1.5300 (MA30d) would target 1.5258 (low Jul.22) en route to 1.5205 (MA10d).