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16 Sep 2013
GBP/USD striving for the 1.6000 psychological level
FXstreet.com (London) - GBP/USD has jumped to from a gap in the charts on the open in markets this week and has continued to climb to reach a high for this year at 1.5965.
This has been a dollar weakness story with the Hawk, Larry Summers’, withdrawal from being considered as the next Fed Chairman and the possibility that the Dove, Janet Yellen, may in fact be the person for the job. Therefore, markets are expecting a longer term in current accommodative policies. The week ahead is jam packed with events that could either increase the appetite for 1.6000 in the pair or reduce risk back to support 1.5880/20 in the near term.
GBP/USD levels, RSI at 70
Indicators suggest momentum has slowed down. The 20 DMA is 1.5633, the 50 DMA is 1.5433 and the 200 DMA is 1.5488. RSI (14) reads 70. Supports are ascending from 1.5819, 1.5835, 1.5869 and 1.5885. Spot is currently 1.5954 while resistances are 1.5970, 1.5992, 1.6010, 1.6040 and 1.6080.
This has been a dollar weakness story with the Hawk, Larry Summers’, withdrawal from being considered as the next Fed Chairman and the possibility that the Dove, Janet Yellen, may in fact be the person for the job. Therefore, markets are expecting a longer term in current accommodative policies. The week ahead is jam packed with events that could either increase the appetite for 1.6000 in the pair or reduce risk back to support 1.5880/20 in the near term.
GBP/USD levels, RSI at 70
Indicators suggest momentum has slowed down. The 20 DMA is 1.5633, the 50 DMA is 1.5433 and the 200 DMA is 1.5488. RSI (14) reads 70. Supports are ascending from 1.5819, 1.5835, 1.5869 and 1.5885. Spot is currently 1.5954 while resistances are 1.5970, 1.5992, 1.6010, 1.6040 and 1.6080.