11 Oct 2013
GBP/USD 1.60 around the corner?
FXstreet.com (Edinburgh) -The sterling is extending its corrective upside, lifting the GBP/USD to session high in the region of 1.5985/90 on Friday.
GBP/USD recovers from weekly pullback
After the sharp sell off on Wednesday, the sterling has been slowing creeping back to the vicinity of the psychological resistance at 1.6000, shrugging off the poor industrial data and somehow bolstered by the BoE inaction on Thursday. In light of the recent string of data, analyst Ross Walker at RBS commented, “despite a poor set of production and trade data in August, the UK remains on track for a decent GDP growth in Q3 (around 0.8%). Nonetheless, these latest figures provide something of a reality-check and cast doubt on notions of any sustained UK out-performance”.
GBP/USD key levels
The pair is now up 0.12% at 1.5987 with the next resistance at 1.6101 (MA10d) followed by 1.6122 (high Oct.9) and then 1.6124 (high Oct.8). On the flip side, a breakdown of 1.5914 (low Oct.10) would aim for1.5893 (low Sep.18) and finally 1.5869 (low Sep.16).
GBP/USD recovers from weekly pullback
After the sharp sell off on Wednesday, the sterling has been slowing creeping back to the vicinity of the psychological resistance at 1.6000, shrugging off the poor industrial data and somehow bolstered by the BoE inaction on Thursday. In light of the recent string of data, analyst Ross Walker at RBS commented, “despite a poor set of production and trade data in August, the UK remains on track for a decent GDP growth in Q3 (around 0.8%). Nonetheless, these latest figures provide something of a reality-check and cast doubt on notions of any sustained UK out-performance”.
GBP/USD key levels
The pair is now up 0.12% at 1.5987 with the next resistance at 1.6101 (MA10d) followed by 1.6122 (high Oct.9) and then 1.6124 (high Oct.8). On the flip side, a breakdown of 1.5914 (low Oct.10) would aim for1.5893 (low Sep.18) and finally 1.5869 (low Sep.16).