1 May 2014
GBP/USD clings to 1.6900
FXStreet (Edinburgh) - The upbeat tone remains intact around the sterling on Thursday, with the GBP/USD clinging to 1.6900 the figure.
GBP/USD boosted by data
Auspicious economic results from the UK docket gave extra wings to the pound today despite anemic trade due to the Labour Day holiday, lifting spot to fresh multi-year highs beyond the 1.6900 handle. Ahead in the day, Yellen’s speech will be in the limelight ahead of the key US ISM Manufacturing (54.3 exp.) and PCE. “ The dominant bullish trend seems to have resumed after the consolidative stage, pointing now for a test of the critical figure around 1.7000”, noted Valeria Bednarik, Currency Analyst at FXStreet.
GBP/USD levels to watch
At the moment the pair is advancing 0.19% at 1.6907 with the initial hurdle at 1.7000 (psychological level) followed by 1.7044 (high Aug.5 2008) and finally 1.7105 (low Oct.20 2008). On the flip side, a breakdown of 1.6870 (low May 1) would target 1.6805 (low Apr.30) en route of 1.6792 (low Apr.29).
GBP/USD boosted by data
Auspicious economic results from the UK docket gave extra wings to the pound today despite anemic trade due to the Labour Day holiday, lifting spot to fresh multi-year highs beyond the 1.6900 handle. Ahead in the day, Yellen’s speech will be in the limelight ahead of the key US ISM Manufacturing (54.3 exp.) and PCE. “ The dominant bullish trend seems to have resumed after the consolidative stage, pointing now for a test of the critical figure around 1.7000”, noted Valeria Bednarik, Currency Analyst at FXStreet.
GBP/USD levels to watch
At the moment the pair is advancing 0.19% at 1.6907 with the initial hurdle at 1.7000 (psychological level) followed by 1.7044 (high Aug.5 2008) and finally 1.7105 (low Oct.20 2008). On the flip side, a breakdown of 1.6870 (low May 1) would target 1.6805 (low Apr.30) en route of 1.6792 (low Apr.29).