6 Nov 2013
GBP/USD capped by 1.6100
FXstreet.com (Edinburgh) -The sterling keeps the bid tone on Wednesday, taking the GBP/USD to levels just shy of 1.6100 the figure overnight ahead of key UK data.
GBP/USD eyes UK data
Prior to the BoE MPC meeting due tomorrow, the pair would face key manufacturing and industrial data in the British economy due today. Expectations point to improvements in both sectors’ gauges during September, leaving behind previous contractions and giving extra oxygen to the current GBP rally. “We expect cable to remain close to current levels on a 1 to 3 mth view and then move back below the GBP/USD1.60 area on the anticipation that the USD regains some traction ahead of the March FOMC”, suggested Jane Foley, Senior FX Strategist at Rabobank.
GBP/USD levels to watch
At the moment the pair is up 0.15% at 1.6070 with the next resistance at 1.6079 (high Oct.30) ahead of the psychological level at 1.6100. On the downside, the first support aligns at 1.5904 (low Nov.4) followed by 1.5894 (low Oct.16) and finally 1.5869 (low Sep.16).
GBP/USD eyes UK data
Prior to the BoE MPC meeting due tomorrow, the pair would face key manufacturing and industrial data in the British economy due today. Expectations point to improvements in both sectors’ gauges during September, leaving behind previous contractions and giving extra oxygen to the current GBP rally. “We expect cable to remain close to current levels on a 1 to 3 mth view and then move back below the GBP/USD1.60 area on the anticipation that the USD regains some traction ahead of the March FOMC”, suggested Jane Foley, Senior FX Strategist at Rabobank.
GBP/USD levels to watch
At the moment the pair is up 0.15% at 1.6070 with the next resistance at 1.6079 (high Oct.30) ahead of the psychological level at 1.6100. On the downside, the first support aligns at 1.5904 (low Nov.4) followed by 1.5894 (low Oct.16) and finally 1.5869 (low Sep.16).