14 Nov 2013
GBP/USD around 1.6050 ahead of data
FXstreet.com (Edinburgh) -The sterling continues to inch higher on Thursday, lifting the GBP/USD to the area of 1.6050 ahead of UK retail sales.
GBP/USD extends the bullish momentum
Positive week for the pound so far, reverting initial losses below 1.5900 the figure to Wednesday’s tops near 1.6070 sustained by the upbeat results from the UK labour market and the hawkish BoE’s Quarterly Inflation Report. “For sterling, the Quarterly Inflation Report provided a supportive backdrop, but there was little in it to propel the pound dynamically higher in the short term. A strong pound is certainly something that the BoE welcomes in terms of contributing to the more subdued inflation picture”, observed Brian Martin, Senior Strategist at ANZ. Ahead in the morning, UK retail sales are due, with consensus expecting an annual expansion of 3.1% during October.
GBP/USD levels to watch
As of writing the pair is up 0.10% at 1.6045 and a breakout of 1.6105 (high Nov.8) would bring 1.6115 (high Nov.7). On the downside, the initial support aligns at 1.5998 (daily cloud top) ahead of 1.5986 (Tenkan line) and then 1.5854 (low Nov.12).
GBP/USD extends the bullish momentum
Positive week for the pound so far, reverting initial losses below 1.5900 the figure to Wednesday’s tops near 1.6070 sustained by the upbeat results from the UK labour market and the hawkish BoE’s Quarterly Inflation Report. “For sterling, the Quarterly Inflation Report provided a supportive backdrop, but there was little in it to propel the pound dynamically higher in the short term. A strong pound is certainly something that the BoE welcomes in terms of contributing to the more subdued inflation picture”, observed Brian Martin, Senior Strategist at ANZ. Ahead in the morning, UK retail sales are due, with consensus expecting an annual expansion of 3.1% during October.
GBP/USD levels to watch
As of writing the pair is up 0.10% at 1.6045 and a breakout of 1.6105 (high Nov.8) would bring 1.6115 (high Nov.7). On the downside, the initial support aligns at 1.5998 (daily cloud top) ahead of 1.5986 (Tenkan line) and then 1.5854 (low Nov.12).