24 Jan 2014
GBP/USD higher around 1.6660
FXstreet.com (Edinburgh) - The sterling keeps pushing higher towards the end of the week, lifting the GBP/USD beyond the 1.6660 level, last seen in May 2011.
GBP/USD eyes on Carney’s speech
The pair is extending the its upside momentum, backed by the strong data releases from the UK economy as of late and amidst an increasing debate as when the BoE would raise rates in light of the recent steep drop in the u-rate. Focus will be on Governor Carney’s speech this midday in Davos after recent comments where he ruled out lowering the 7.0% threshold in the jobless rate. According to Lee Hardman, Currency Analyst at BTMU, “Ultimately the inflation outlook will determine the timing of the first BoE rate hike which is becoming more likely in late 2014 or in early 2015 which should provide increasing support for the pound ahead”.
GBP/USD levels to watch
At the moment the pair is up 0.15% at 1.6659 and a surpass of 1.6739 (high May 2011) would open the door to 1.6747 (high April 2011). On the downside, the next support lines up at 1.6558 (low Jan.23) ahead of 1.6452 (low Jan.22) and finally 1.6400 (low Jan.21).
GBP/USD eyes on Carney’s speech
The pair is extending the its upside momentum, backed by the strong data releases from the UK economy as of late and amidst an increasing debate as when the BoE would raise rates in light of the recent steep drop in the u-rate. Focus will be on Governor Carney’s speech this midday in Davos after recent comments where he ruled out lowering the 7.0% threshold in the jobless rate. According to Lee Hardman, Currency Analyst at BTMU, “Ultimately the inflation outlook will determine the timing of the first BoE rate hike which is becoming more likely in late 2014 or in early 2015 which should provide increasing support for the pound ahead”.
GBP/USD levels to watch
At the moment the pair is up 0.15% at 1.6659 and a surpass of 1.6739 (high May 2011) would open the door to 1.6747 (high April 2011). On the downside, the next support lines up at 1.6558 (low Jan.23) ahead of 1.6452 (low Jan.22) and finally 1.6400 (low Jan.21).