14 Oct 2013
GBP/USD in highs beyond 1.6000
FXstreet.com (Edinburgh) -The pound is now gathering steam against the greenback, pushing the GBP/USD to fresh highs above the psychological mark at 1.6000.
GBP/USD benefiting from weaker dollar
The pair is now posting 3-day highs in the proximity of 1.6020, extending the recovery from last week’s sharp sell-off ahead of tomorrow’s key UK inflation figures for the month of September. Prior surveys expect the consumer prices in the British economy to tick lower, expanding at an annual pace of 2.6% vs. 2.7% previous. “Last week we had the move lower that we were looking for last Monday, although it did not fall quite as far as it might have. For the moment it looks like rallies here should fail by 1.6050 and then we could get another test lower. Above 1.6085 on a weekly close and we are wrong”, suggested Paul Robson, Senior FX Strategist at RBS.
GBP/USD key levels
As of writing the pair is up 0.34% at 1.6011 and a surpass of 1.6052 (MA21d) would aim for 1.6061 (MA10d) and then 1.6122 (high Oct.9). On the downside, the initial support aligns at 1.5923 (low Oct.11) ahead of 1.5914 (low Oct.10) and finally 1.5893 (low Sep.18).
GBP/USD benefiting from weaker dollar
The pair is now posting 3-day highs in the proximity of 1.6020, extending the recovery from last week’s sharp sell-off ahead of tomorrow’s key UK inflation figures for the month of September. Prior surveys expect the consumer prices in the British economy to tick lower, expanding at an annual pace of 2.6% vs. 2.7% previous. “Last week we had the move lower that we were looking for last Monday, although it did not fall quite as far as it might have. For the moment it looks like rallies here should fail by 1.6050 and then we could get another test lower. Above 1.6085 on a weekly close and we are wrong”, suggested Paul Robson, Senior FX Strategist at RBS.
GBP/USD key levels
As of writing the pair is up 0.34% at 1.6011 and a surpass of 1.6052 (MA21d) would aim for 1.6061 (MA10d) and then 1.6122 (high Oct.9). On the downside, the initial support aligns at 1.5923 (low Oct.11) ahead of 1.5914 (low Oct.10) and finally 1.5893 (low Sep.18).