24 Sep 2013
GBP/USD challenges highs at 1.6040
FXstreet.com (Edinburgh) - The sterling is now trading in a better mood after a bout of buying interest lifted the GBP/USD to session highs beyond 1.6040 on Tuesday.
GBP/USD eyes on UK, US data
Light calendar in the UK today as only Mortgage Approvals by BBA will only be released ahead of a speech by MPC member Bean, while across the pond Consumer Confidence and housing data will be in the spotlight. Paul Robson, Senior FX Strategist at RBS, commented “We got above initial resistance at 1.5950/60 area and that should now act as initial support on dips lower. Stronger support is located however at 1.5895/1.5900… So for the moment we think this slows down the ascent and we trade in more of a 1.57/1.58 to 1.63/1.64 range going forward”.
GBP/USD levels to watch
As of writing the pair is
Losing 0.03% at 1.6037 with the next support at 1.5996 (low Sep.23) ahead of 1.5986 (low Sep.20) and finally 1.5925 (MA10d). On the flip side, a breakout of 1.6072 (high Sep.23) would expose 1.6145 (high Sep.19) and then 1.6164 (high Sep.18).
GBP/USD eyes on UK, US data
Light calendar in the UK today as only Mortgage Approvals by BBA will only be released ahead of a speech by MPC member Bean, while across the pond Consumer Confidence and housing data will be in the spotlight. Paul Robson, Senior FX Strategist at RBS, commented “We got above initial resistance at 1.5950/60 area and that should now act as initial support on dips lower. Stronger support is located however at 1.5895/1.5900… So for the moment we think this slows down the ascent and we trade in more of a 1.57/1.58 to 1.63/1.64 range going forward”.
GBP/USD levels to watch
As of writing the pair is
Losing 0.03% at 1.6037 with the next support at 1.5996 (low Sep.23) ahead of 1.5986 (low Sep.20) and finally 1.5925 (MA10d). On the flip side, a breakout of 1.6072 (high Sep.23) would expose 1.6145 (high Sep.19) and then 1.6164 (high Sep.18).