26 Nov 2014
GBP/USD knocks the 1.5800 doors
FXStreet (San Francisco) - The Pound is trading higher against the US Dollar since the Sterling is being driven by non-bad bad UK GDP. The GBP/USD rose over 115 pips from 1.5675 to break above 1.5735 and to trade at highs since November 11 above 1.5800.
The GDP figures for the 3Q in the UK economy failed to surprise investors; however it came in line of expectations. In the same line, UK’s CBI Distributive Trade Survey missed estimates at 27 for the month of November vs. 30 expected and October’s 31.
Currently, GBP/USD is trading at 1.5794, up 0.53% on the day, having posted a daily high at 1.5805 and low at 1.5675. The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
GBP/USD sentiment
Mike Paterson from ForexLive commented that the GBP/USD "is higher again as the EUR/GBP takes out bids at 0.7900." Paterson affirmed that "Cable has indeed gobbled up the 1.5780 offers as I predicted with my dusty old ball all of 16 minutes ago to post 1.5789 in a rush, making a gain of over 100 pips since the GDP data dip Funny ol' game, forex."
The GBP/USD broke above the top of the range at 1.5765 and extended gains to 1.5805. If the pair successful extends gains above this level, it will find next resistances at 1.5830, 1.5910 and 1.5940.
To the downside, supports are at 1.5735, 1.5700 and 1.5675.
The GDP figures for the 3Q in the UK economy failed to surprise investors; however it came in line of expectations. In the same line, UK’s CBI Distributive Trade Survey missed estimates at 27 for the month of November vs. 30 expected and October’s 31.
Currently, GBP/USD is trading at 1.5794, up 0.53% on the day, having posted a daily high at 1.5805 and low at 1.5675. The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
GBP/USD sentiment
Mike Paterson from ForexLive commented that the GBP/USD "is higher again as the EUR/GBP takes out bids at 0.7900." Paterson affirmed that "Cable has indeed gobbled up the 1.5780 offers as I predicted with my dusty old ball all of 16 minutes ago to post 1.5789 in a rush, making a gain of over 100 pips since the GDP data dip Funny ol' game, forex."
The GBP/USD broke above the top of the range at 1.5765 and extended gains to 1.5805. If the pair successful extends gains above this level, it will find next resistances at 1.5830, 1.5910 and 1.5940.
To the downside, supports are at 1.5735, 1.5700 and 1.5675.