28 Oct 2013
GBP/USD retreats from highs
FXstreet.com (Edinburgh) -After hitting session peaks near 1.6210, the GBP/USD is now deflating towards the boundaries of the key handle at 1.6200 on Monday.
GBP/USD remains bid
The sentiment amongst traders seems to benefit the riskier assets at the start of the week, at least until the biggest event of the week, the FOMC gathering due on Wednesday. In light of the critical Inflation Report in November, Paul Robson, FX Strategist at RBS, commented, “The forecasts that form the basis of the report appear set to show an upgraded growth outlook and a bringing forward of the unemployment rate threshold by one or two quarters compared to the previous forecast. This would also chime with the September minutes that revealed some members believed that the unemployment rate forecasts are sensitive to growth expectations”.
GBP/USD levels to watch
At the moment the pair is up 0.18% at 1.6195 with the next resistance at 1.6248 (high Oct.25) ahead of 1.6258 (high Oct.23) and then 1.6260 (high Oct.1). On the flip side, a break below 1.6162 (low Oct.28) would open the door to 1.6150 (low Oct.25) and finally 1.6138 (MA10d).
GBP/USD remains bid
The sentiment amongst traders seems to benefit the riskier assets at the start of the week, at least until the biggest event of the week, the FOMC gathering due on Wednesday. In light of the critical Inflation Report in November, Paul Robson, FX Strategist at RBS, commented, “The forecasts that form the basis of the report appear set to show an upgraded growth outlook and a bringing forward of the unemployment rate threshold by one or two quarters compared to the previous forecast. This would also chime with the September minutes that revealed some members believed that the unemployment rate forecasts are sensitive to growth expectations”.
GBP/USD levels to watch
At the moment the pair is up 0.18% at 1.6195 with the next resistance at 1.6248 (high Oct.25) ahead of 1.6258 (high Oct.23) and then 1.6260 (high Oct.1). On the flip side, a break below 1.6162 (low Oct.28) would open the door to 1.6150 (low Oct.25) and finally 1.6138 (MA10d).