10 Jul 2013
GBP/USD retreats from highs
FXstreet.com (Edinburgh) - After hitting fresh intraday highs around 1.4920, the GBP/USD is now hovering around the ley level at 1.4900 on Wednesday, as risk-on trade sharpens.
GBP/USD recovering from recent lows
The pound managed to gather some traction after printing new ydt lows around 1.4815 on lacklustre industrial data in the UK, retaking 1.4900 the figure ahead of the FOMC minutes due today. In the opinion of Kit Juckes, Strategist at Societe Generale, “To re-balance the UK economy away from financial services requires re-building the share of investment in the UK’s GDP, re-building lending to small and medium-sized businesses which are starved of funds by de-leveraging banks. For now, what we get is an on-going downtrend in GBP/USD towards our year-end target of 1.42, and further reason for Mr Carney to be accommodative”.
GBP/USD key levels
At the moment the pair is up 0.18% at 1.4895 facing the next hurdle at 1.4924 (high Jul.10) ahead of 1.4982 (high Jul.9) and finally the psychological level at 1.5000. On the downside, a breach of 1.4845 (low Jul.10) would target 1.4812 (2013 low Jul.9) en route to 1.4803 (low Jun.23 2010).
GBP/USD recovering from recent lows
The pound managed to gather some traction after printing new ydt lows around 1.4815 on lacklustre industrial data in the UK, retaking 1.4900 the figure ahead of the FOMC minutes due today. In the opinion of Kit Juckes, Strategist at Societe Generale, “To re-balance the UK economy away from financial services requires re-building the share of investment in the UK’s GDP, re-building lending to small and medium-sized businesses which are starved of funds by de-leveraging banks. For now, what we get is an on-going downtrend in GBP/USD towards our year-end target of 1.42, and further reason for Mr Carney to be accommodative”.
GBP/USD key levels
At the moment the pair is up 0.18% at 1.4895 facing the next hurdle at 1.4924 (high Jul.10) ahead of 1.4982 (high Jul.9) and finally the psychological level at 1.5000. On the downside, a breach of 1.4845 (low Jul.10) would target 1.4812 (2013 low Jul.9) en route to 1.4803 (low Jun.23 2010).