3 Dec 2013
GBP/USD regains 1.6400
FXstreet.com (Córdoba) - The GBP/USD advanced to fresh daily highs during the European session underpinned by solid UK construction PMI.
GBP/USD prints fresh daily highs
UK construction PMI rose to 62.6 in November, much stronger than the 59.0 expected and recording the highest reading since August 2007. The GBP/USD regained the 1.6400 mark and climbed to a high of 1.6417 before easing slightly. At time of writing, GBP/USD is trading at the 1.6405 zone, 0.3% above its opening price.
GBP/USD technical outlook
"The pair has entered a larger consolidation pattern after the recent peak at 1.6441 and my outlook here is bearish, for a slide through 1.6342, en route to 1.6240 break-out zone", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday resistance is projected at 1.6390, followed by the crucial peak at 1.6441".
GBP/USD prints fresh daily highs
UK construction PMI rose to 62.6 in November, much stronger than the 59.0 expected and recording the highest reading since August 2007. The GBP/USD regained the 1.6400 mark and climbed to a high of 1.6417 before easing slightly. At time of writing, GBP/USD is trading at the 1.6405 zone, 0.3% above its opening price.
GBP/USD technical outlook
"The pair has entered a larger consolidation pattern after the recent peak at 1.6441 and my outlook here is bearish, for a slide through 1.6342, en route to 1.6240 break-out zone", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday resistance is projected at 1.6390, followed by the crucial peak at 1.6441".