26 Mar 2014
GBP/USD in fresh highs at 1.6580
FXStreet (Edinburgh) - The bull run in GBP remains intact on Wednesday, lifting the GBP/USD to fresh 5-day highs beyond 1.6580.
GBP/USD closer to 1.6600
The next interim target for the pair would be the critical 1.6600 handle, seen for the last time post-FOMC meeting a week ago. Spot is advancing for the third consecutive session so far, helped by the broader sentiment favouring the risk appetite and recent hawkish comments by MPC Weale. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the short-term technicals remain in the bearish camp, “with some early signs of fading; today the 50-day MA has held well as resistance (1.6567)”. In the data front, Retail Sales in the UK economy are due tomorrow, with headline expected to expand 0.5% inter-month and 0.3% excluding Fuel sales.
GBP/USD levels to consider
As of writing the pair is up 0.22% at 1.6567 with the next hurdle at 1.6599 (38.2% of 1.6823-1.6460) followed by 1.6600 (psychological level) and then 1.6635 (30-d MA). On the downside, a breach of 1.6460 (low Mar.24) would expose 1.6453 (38.2% of 1.5854-1.6823) and finally 1.6440 (100-d MA).
GBP/USD closer to 1.6600
The next interim target for the pair would be the critical 1.6600 handle, seen for the last time post-FOMC meeting a week ago. Spot is advancing for the third consecutive session so far, helped by the broader sentiment favouring the risk appetite and recent hawkish comments by MPC Weale. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the short-term technicals remain in the bearish camp, “with some early signs of fading; today the 50-day MA has held well as resistance (1.6567)”. In the data front, Retail Sales in the UK economy are due tomorrow, with headline expected to expand 0.5% inter-month and 0.3% excluding Fuel sales.
GBP/USD levels to consider
As of writing the pair is up 0.22% at 1.6567 with the next hurdle at 1.6599 (38.2% of 1.6823-1.6460) followed by 1.6600 (psychological level) and then 1.6635 (30-d MA). On the downside, a breach of 1.6460 (low Mar.24) would expose 1.6453 (38.2% of 1.5854-1.6823) and finally 1.6440 (100-d MA).