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17 Apr 2014
GBP/USD breaks through 1.6820 key resistance
FXStreet (Bali) - GBP/USD is breaking into higher ground in Asia, with buyers taking the exchange rate above the 1.6815 to set a new multi-year high at 1.6834.
Jim Langlands, Founder at FXCharts, notes: "If we do head above 1.6821, then the next target will be 1.6876 (Nov 2009 high) beyond which there is not too much to stop it progressing to 1.7000."
The bullish momentum in Cable follows upbeat UK job figures on Wednesday. Langlands takes a look at unambiguously solid UK data: "The unemployment rate fell below 7% (6.9%) for the first time in 5 years, while at the same time, average earnings (1.7%) headed above the inflation rate for the first time in 4 years."
Jim Langlands, Founder at FXCharts, notes: "If we do head above 1.6821, then the next target will be 1.6876 (Nov 2009 high) beyond which there is not too much to stop it progressing to 1.7000."
The bullish momentum in Cable follows upbeat UK job figures on Wednesday. Langlands takes a look at unambiguously solid UK data: "The unemployment rate fell below 7% (6.9%) for the first time in 5 years, while at the same time, average earnings (1.7%) headed above the inflation rate for the first time in 4 years."