Back
20 Oct 2014
GBP/USD climbs to 1.6150
FXStreet (Edinburgh) - The sterling is extending its march north on Monday, pushing GBP/USD to the mid-1.6100s and posting fresh intraday highs at the same time.
GBP/USD bounces off 1.6080
Spot managed to break above the recent consolidative pattern around 1.6080/1.6100, printing fresh multi-day highs near 1.6150 and prolonging the rebound from recent ytd lows in the 1.5860 area. Ahead in the week, the BoE minutes will put the current upside to the test (Wednesday) ahead of UK Retail Sales (Thursday) and GDP figures (Friday). In the view of Jane Foley, Senior Currency Strategist at Rabobank, “The outlook for cable has been complicated by the fact that the market has been simultaneously adjusting its expectations for both Fed and BoE policy… we see the potential for cable to hold mostly within a GBP/USD1.59 to 1.62 range in the coming months”.
GBP/USD levels to consider
At the moment the pair is gaining 0.29% en 1.6141 with the next hurdle at 1.6155 (21-d MA) followed by 1.6186 (30-d MA) and then 1.6200 (50% of 1.6525-1.5875). On the flip side, a breach of 1.6078 (10-d MA) would open the door to 1.6051 (Tenkan Sen) and finally 1.5940 (low Oct.16).
GBP/USD bounces off 1.6080
Spot managed to break above the recent consolidative pattern around 1.6080/1.6100, printing fresh multi-day highs near 1.6150 and prolonging the rebound from recent ytd lows in the 1.5860 area. Ahead in the week, the BoE minutes will put the current upside to the test (Wednesday) ahead of UK Retail Sales (Thursday) and GDP figures (Friday). In the view of Jane Foley, Senior Currency Strategist at Rabobank, “The outlook for cable has been complicated by the fact that the market has been simultaneously adjusting its expectations for both Fed and BoE policy… we see the potential for cable to hold mostly within a GBP/USD1.59 to 1.62 range in the coming months”.
GBP/USD levels to consider
At the moment the pair is gaining 0.29% en 1.6141 with the next hurdle at 1.6155 (21-d MA) followed by 1.6186 (30-d MA) and then 1.6200 (50% of 1.6525-1.5875). On the flip side, a breach of 1.6078 (10-d MA) would open the door to 1.6051 (Tenkan Sen) and finally 1.5940 (low Oct.16).