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16 May 2014
GBP/USD looks to extend above 1.6800
FXStreet (Edinburgh) - The sterling is now pushing higher on Friday, lifting the GBP/USD to test intraday highs near 1.6820.
GBP/USD rebounds from 1.6790
It seems the buying interest returned around the sterling during the European afternoon, with spot now looking to break above the overnight’s congestion pattern and extend the advance beyond 1.6800 the figure. “The strong performance of the UK economy, related market belief that the BoE could move on rates ahead of its own (Inflation Report) expectations, and (for now) diminished political risk as the government’s poll standings improve, justifies a firmer track for GBP that extends beyond the next two quarters”, observed the Currency Research team at BNZ.
GBP/USD levels to consider
As of writing the pair is up 0.13% at 1.6813 with the next resistance at 1.6840 (21-d MA). On the downside, a break below 1.6727 (23.6% of 1.5854-1.6997) would expose 1.6721 (low Apr.16) and then 1.6700 (psychological level).
GBP/USD rebounds from 1.6790
It seems the buying interest returned around the sterling during the European afternoon, with spot now looking to break above the overnight’s congestion pattern and extend the advance beyond 1.6800 the figure. “The strong performance of the UK economy, related market belief that the BoE could move on rates ahead of its own (Inflation Report) expectations, and (for now) diminished political risk as the government’s poll standings improve, justifies a firmer track for GBP that extends beyond the next two quarters”, observed the Currency Research team at BNZ.
GBP/USD levels to consider
As of writing the pair is up 0.13% at 1.6813 with the next resistance at 1.6840 (21-d MA). On the downside, a break below 1.6727 (23.6% of 1.5854-1.6997) would expose 1.6721 (low Apr.16) and then 1.6700 (psychological level).