4 Nov 2013
GBP/USD firmer, eyes 1.5950
FXstreet.com (Edinburgh) -The better tone around the sterling is now pushing the GBP/USD to the vicinity of the 1.5950 levels at the beginning of the week, ahead of the key release of the manufacturing PMI.
GBP/USD supported around 1.5900
Same as its European counterpart, the pound dipped to lows near the key support at 1.5900 during the Asian trading hours, afterwards returning to the positive ground and closer to the mid 1.59s. The Construction PMI is due in the UK, expected to ease a tad to 58.8 in October from 58.9 in the previous month. Quite interesting week for the GBP as apart from the BoE MPC meeting (no changes expected in both the refi rate and asset purchase program), figures from the industrial/manufacturing sectors are due as well as trade balance results.
GBP/USD key levels
As of writing the pair is advancing 0.09% at 1.5939 with the next resistance at 1.6033 (61.8% of 1.6258-1.58940 followed by 1.6046 (high Nov.1) and then 1.6070 (high Oct.31). On the flip side, a break below 1.5894 (low Oct.16) would open the door to 1.5869 (low Sep.16) and finally 1.5844 (50% of 1.5427-1.6260).
GBP/USD supported around 1.5900
Same as its European counterpart, the pound dipped to lows near the key support at 1.5900 during the Asian trading hours, afterwards returning to the positive ground and closer to the mid 1.59s. The Construction PMI is due in the UK, expected to ease a tad to 58.8 in October from 58.9 in the previous month. Quite interesting week for the GBP as apart from the BoE MPC meeting (no changes expected in both the refi rate and asset purchase program), figures from the industrial/manufacturing sectors are due as well as trade balance results.
GBP/USD key levels
As of writing the pair is advancing 0.09% at 1.5939 with the next resistance at 1.6033 (61.8% of 1.6258-1.58940 followed by 1.6046 (high Nov.1) and then 1.6070 (high Oct.31). On the flip side, a break below 1.5894 (low Oct.16) would open the door to 1.5869 (low Sep.16) and finally 1.5844 (50% of 1.5427-1.6260).