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13 Mar 2014
GBP/USD higher, 1.6700 looms
FXStreet (Edinburgh) - The sterling is pushing higher on Thursday amidst increasing risk sentiment, lifting the GBP/USD to 3-day highs beyond 1.6680.
GBP/USD bounces off 1.6580
The pair climbed more than one big-figure since yesterday’s troughs around 1.6580, managing to regain ground lost and trade closer to the 1.6700 key barrier. Next on tap in the UK economy will be tomorrow’s trade results, although market participants would keep an eye on today’s US retail sales (0.2% exp. headline) and Initial Claims (330K exp.) on the USD side of the equation. According to Eric Theoret, Currency Strategist at Sciotiabank, technicals remain mixed to bearish, adding “bearish MACD and RSI, 9-day MA at 1.6678 poised to break below 21-day MA at 1.6674 and GBP break of lower bound of one month range at 1,6584 highlights increasing downside risks”.
GBP/USD levels to consider
As of writing the pair is up 0.43% at 1.6691 with the next resistance at 1.6700 (psychological level) followed by 1.6745 (high Mar.10) and then 1.6785 (high Mar.7). On the flip side, a brech of 1.6607 (low Mar.13) would clear the way to 1.6568 (low Mar.12) and finally 1.6500 (psychological level).
GBP/USD bounces off 1.6580
The pair climbed more than one big-figure since yesterday’s troughs around 1.6580, managing to regain ground lost and trade closer to the 1.6700 key barrier. Next on tap in the UK economy will be tomorrow’s trade results, although market participants would keep an eye on today’s US retail sales (0.2% exp. headline) and Initial Claims (330K exp.) on the USD side of the equation. According to Eric Theoret, Currency Strategist at Sciotiabank, technicals remain mixed to bearish, adding “bearish MACD and RSI, 9-day MA at 1.6678 poised to break below 21-day MA at 1.6674 and GBP break of lower bound of one month range at 1,6584 highlights increasing downside risks”.
GBP/USD levels to consider
As of writing the pair is up 0.43% at 1.6691 with the next resistance at 1.6700 (psychological level) followed by 1.6745 (high Mar.10) and then 1.6785 (high Mar.7). On the flip side, a brech of 1.6607 (low Mar.13) would clear the way to 1.6568 (low Mar.12) and finally 1.6500 (psychological level).