4 Mar 2014
Flash: GBP/USD: Flirting again with 1.6700 – FXStreet
FXStreet (Córdoba) - Valeria Bednarik, chief analyst at FXStreet commented that the GBP/USD holds a neutral perspective ahead of BoE next policy meeting Thursday, with the 1.6600 level as key support.
Key Quotes
"The GBP/USD flirts with the 1.6700 level amid easing fears among investors, having been as high as 1.6715 so far today. Slightly worse than expected UK construction PMI down to 62.6 from previous 64.6 took price down, albeit still intraday positive".
"With little data ahead market will continue to trade on sentiment ahead of next Thursday ECB and BOE meetings, with the technical picture still pretty neutral according to the 4 hours chart: the pair has been trading in a 150 pips range ever since mid-February, capped below key 1.6745 static resistance level as per several monthly highs and lows from the past few years around it".
"As commented on previous updates, only a clear sign the level has been taken will favor an upward rally towards this year high around 1.6820, while dips down to 1.6600, 38.2% retracement of its latest daily bullish run, should continue to attract buyers".
Key Quotes
"The GBP/USD flirts with the 1.6700 level amid easing fears among investors, having been as high as 1.6715 so far today. Slightly worse than expected UK construction PMI down to 62.6 from previous 64.6 took price down, albeit still intraday positive".
"With little data ahead market will continue to trade on sentiment ahead of next Thursday ECB and BOE meetings, with the technical picture still pretty neutral according to the 4 hours chart: the pair has been trading in a 150 pips range ever since mid-February, capped below key 1.6745 static resistance level as per several monthly highs and lows from the past few years around it".
"As commented on previous updates, only a clear sign the level has been taken will favor an upward rally towards this year high around 1.6820, while dips down to 1.6600, 38.2% retracement of its latest daily bullish run, should continue to attract buyers".