17 Oct 2013
GBP/USD accelerates to 1.6070
FXstreet.com (Edinburgh) - The sterling is following the increasing risk appetite on Thursday, pushing the GBP/USD to fresh lows in the area of 1.6060.
GBP/USD in weekly highs
The generalized tone favouring riskier assets is pushing the pair to fresh weekly highs in the 1.6060/70 region, as the greenback is giving ground across the board. The next risk event for the sterling will be September’s Retail Sales in the UK, where consensus expects a 0.4% advance. “Despite this advance we will remain bearish as long as GBP/USD stays below the 1.6123 October 8 high. A drop through the past week’s support level at 1.5916 will confirm our bearish outlook”, notes Axel Rudolph, Senior Technical Analyst at Commerzbank.
GBP/USD levels to watch
As of writing the pair is up 0.66% at 1.5957 with the next resistance at 1.6064 (high Oct.16) ahead of 1.6122 (high Oct.9) and then 1.6124 (high Oct.8). On the downside, a breach of 1.5915 (low Oct.15) would aim for 1.5914 (low Oct.10) and finally 1.5893 (low Sep.18).
GBP/USD in weekly highs
The generalized tone favouring riskier assets is pushing the pair to fresh weekly highs in the 1.6060/70 region, as the greenback is giving ground across the board. The next risk event for the sterling will be September’s Retail Sales in the UK, where consensus expects a 0.4% advance. “Despite this advance we will remain bearish as long as GBP/USD stays below the 1.6123 October 8 high. A drop through the past week’s support level at 1.5916 will confirm our bearish outlook”, notes Axel Rudolph, Senior Technical Analyst at Commerzbank.
GBP/USD levels to watch
As of writing the pair is up 0.66% at 1.5957 with the next resistance at 1.6064 (high Oct.16) ahead of 1.6122 (high Oct.9) and then 1.6124 (high Oct.8). On the downside, a breach of 1.5915 (low Oct.15) would aim for 1.5914 (low Oct.10) and finally 1.5893 (low Sep.18).