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11 Sep 2013
GBP/USD treading water around 1.5800
FXstreet.com (Edinburgh) -The GBP/USD rally seems to be taking a breather now, easing from the boundaries of 1.5820 to the proximities of 1.5800 the figure on Wednesday.
GBP/USD in 7-month highs
The pair keeps the positive tone nonetheless, trading in levels last seen in February and propped up by today’s upbeat data from the UK labour market. Jane Foley, Senior Strategist at Rabobank, commented, “the continuation of domestic austerity and weak growth in the Eurozone means that headwinds to growth still remain in place. This backdrop suggests that there is a strong chance that the BoE will soon clarify its dovish position. Therefore, while strong UK data near-term suggest that sterling buying interest may continue for now, there is risk that the pound is approaching the top of its range against both the USD and the EUR”.
GBP/USD critical levels
At the moment the pair is up 0.22% at 1.5768 facing the next hurdle at 1.5827 (high Sep.11) ahead of 1.5845 (high Feb.8) and then 1.5879 (high Feb.1). On the downside, a break below 1.5719 (low Sep.11) would target 1.5686 (low Sep.10) en route to 1.5611 (MA10d).
GBP/USD in 7-month highs
The pair keeps the positive tone nonetheless, trading in levels last seen in February and propped up by today’s upbeat data from the UK labour market. Jane Foley, Senior Strategist at Rabobank, commented, “the continuation of domestic austerity and weak growth in the Eurozone means that headwinds to growth still remain in place. This backdrop suggests that there is a strong chance that the BoE will soon clarify its dovish position. Therefore, while strong UK data near-term suggest that sterling buying interest may continue for now, there is risk that the pound is approaching the top of its range against both the USD and the EUR”.
GBP/USD critical levels
At the moment the pair is up 0.22% at 1.5768 facing the next hurdle at 1.5827 (high Sep.11) ahead of 1.5845 (high Feb.8) and then 1.5879 (high Feb.1). On the downside, a break below 1.5719 (low Sep.11) would target 1.5686 (low Sep.10) en route to 1.5611 (MA10d).