2 Dec 2013
GBP/USD consolidates above 1.6400
FXstreet.com (Edinburgh) - The sterling advanced to fresh 2013 highs vs. the greenback on Monday, pushing the GBP/USD near 1.6440 during the Asian session.
GBP/USD remains bid
The pair thus extends its winning streak to five weeks, climbing from sub-1.5900 levels in early November. Very interesting week ahead for the pound as manufacturing and services PMI results are due (56.0 and 62.5 expected, respectively), ahead of the BoE MPC meeting and Autumn Forecast Statement. Lee Hardman, Currency Analyst at BTMU, observed, “The first release today of the UK manufacturing PMI survey for November is expected to reveal that business confidence amongst manufacturers remained high, consistent with robust economic growth again in Q4 which is supporting the continued outperformance of the pound in the near-term. Pound buying momentum remains strong although gains appear stretched”.
GBP/USD key levels
As of writing the pair is up 0.25% at 1.6409 with the next resistance at 1.6421 (high Aug.30 2011). On the downside, a break below 1.6315 (low Nov.29) would expose 1.6277 (low Nov.28) and finally 1.6212 (MA10d).
GBP/USD remains bid
The pair thus extends its winning streak to five weeks, climbing from sub-1.5900 levels in early November. Very interesting week ahead for the pound as manufacturing and services PMI results are due (56.0 and 62.5 expected, respectively), ahead of the BoE MPC meeting and Autumn Forecast Statement. Lee Hardman, Currency Analyst at BTMU, observed, “The first release today of the UK manufacturing PMI survey for November is expected to reveal that business confidence amongst manufacturers remained high, consistent with robust economic growth again in Q4 which is supporting the continued outperformance of the pound in the near-term. Pound buying momentum remains strong although gains appear stretched”.
GBP/USD key levels
As of writing the pair is up 0.25% at 1.6409 with the next resistance at 1.6421 (high Aug.30 2011). On the downside, a break below 1.6315 (low Nov.29) would expose 1.6277 (low Nov.28) and finally 1.6212 (MA10d).