25 Oct 2013
GBP/USD eyes 1.6240 on UK GDP
FXstreet.com (Edinburgh) -The sterling kept the composure after the UK GDP data, with the GBP/USD pushing prices towards the upper end of the band at 1.6230/40 in the wake of the release.
GBP/USD keeps the daily range
The pair remained within the intraday range after the British economy expanded at an annual pace of 1.5% during the third quarter and 0.8% inter-quarter, banging on expectations. The Index of Services advanced 0.6% in the three months ended in August, a tad above forecasts at 0.5%. According to Emmanuel Ng, Analyst at OCBC Bank, “the BOE’s Carney also revealed a less stringent liquidity framework for banks. Look towards 3Q GDP numbers for further domestic cues today and the pair may continue to ply recent ranges in the interim with the locus still expected around 1.6200”.
GBP/USD levels to watch
The pair is now up 0.20% at 1.6232 with the next resistance at 1.6258 (high Oct.23) followed by 1.6260 (high Oct.1) and then 1.6300 (psychological level). On the flip side, a breakdown of 1.6119 (low Oct.23) would expose 1.6115 (low Oct.22) and finally 1.6096 (MA10d).
GBP/USD keeps the daily range
The pair remained within the intraday range after the British economy expanded at an annual pace of 1.5% during the third quarter and 0.8% inter-quarter, banging on expectations. The Index of Services advanced 0.6% in the three months ended in August, a tad above forecasts at 0.5%. According to Emmanuel Ng, Analyst at OCBC Bank, “the BOE’s Carney also revealed a less stringent liquidity framework for banks. Look towards 3Q GDP numbers for further domestic cues today and the pair may continue to ply recent ranges in the interim with the locus still expected around 1.6200”.
GBP/USD levels to watch
The pair is now up 0.20% at 1.6232 with the next resistance at 1.6258 (high Oct.23) followed by 1.6260 (high Oct.1) and then 1.6300 (psychological level). On the flip side, a breakdown of 1.6119 (low Oct.23) would expose 1.6115 (low Oct.22) and finally 1.6096 (MA10d).