21 Jan 2014
GBP/USD consolidating around 1.6430/40
FXstreet.com (Edinburgh) - The pound is now hovering over yesterday’s close vs. the greenback, taking the GBP/USD to the 1.6430/35 area so far.
GBP/USD muted after CBI result
The pair remained indifferent despite the substantial decline from the CBI Industrial Trends Survey to -2 during January, missing estimates at 10 and down from December’s 12. However, market participants keep focused on tomorrow’s more relevant releases from the BoE minutes and the ILO unemployment rate, where consensus expects a decline to 7.3% in the three months ended in November, which would give extra support to the sterling.
GBP/USD levels to watch
The pair is now losing 0.09% at 1.6423 with the next support at 1.6408 ( low Jan.21) followed by 1.6396 (low Jan.20) and then 1.6309 (low Jan.17). On the upside, a breakout of 1.6447 (high Jan.21) would target 1.6452 (high Jan.20) en route to 1.6459 (high Jan.17).
GBP/USD muted after CBI result
The pair remained indifferent despite the substantial decline from the CBI Industrial Trends Survey to -2 during January, missing estimates at 10 and down from December’s 12. However, market participants keep focused on tomorrow’s more relevant releases from the BoE minutes and the ILO unemployment rate, where consensus expects a decline to 7.3% in the three months ended in November, which would give extra support to the sterling.
GBP/USD levels to watch
The pair is now losing 0.09% at 1.6423 with the next support at 1.6408 ( low Jan.21) followed by 1.6396 (low Jan.20) and then 1.6309 (low Jan.17). On the upside, a breakout of 1.6447 (high Jan.21) would target 1.6452 (high Jan.20) en route to 1.6459 (high Jan.17).