15 Nov 2013
GBP/USD remains capped by 1.6100
FXstreet.com (Edinburgh) -The key 1.6100 handle remains elusive for GBP bulls so far, with the GBP/USD trading on firmer footing around 1.6075/80 on Friday.
GBP/USD paring weekly losses
After dipping to sub-15900 levels earlier in the week, the pair managed to gather steam and make its way to the upper band of the range near 1.6100 the figure. Solid data from the UK labour market plus an upbeat tone from the BoE’s Quarterly Inflation Report eclipsed tepid inflation figures and miserable retail sales in the British economy. The dovish tone from Janet Yellen’s testimony also collaborated with the bullish sentiment via a weaker greenback. According to Senior Strategist Paul Robson at RBS, “only a daily close above 1.6135 turns this from negative to neutral, while above 1.6175 on a daily close bias turns positive”.
GBP/USD levels to consider
The pair is now losing 0.01% at 1.6060 with the next support at 1.5988 (low Nov.14) followed by 1.5879 (low Nov.13) and then 1.5854 (low Nov.12). On the upside, a break above 1.6105 (high Nov.8) would open the door to 1.6115 (high Nov.7) and then 1.6118 (high Nov.6).
GBP/USD paring weekly losses
After dipping to sub-15900 levels earlier in the week, the pair managed to gather steam and make its way to the upper band of the range near 1.6100 the figure. Solid data from the UK labour market plus an upbeat tone from the BoE’s Quarterly Inflation Report eclipsed tepid inflation figures and miserable retail sales in the British economy. The dovish tone from Janet Yellen’s testimony also collaborated with the bullish sentiment via a weaker greenback. According to Senior Strategist Paul Robson at RBS, “only a daily close above 1.6135 turns this from negative to neutral, while above 1.6175 on a daily close bias turns positive”.
GBP/USD levels to consider
The pair is now losing 0.01% at 1.6060 with the next support at 1.5988 (low Nov.14) followed by 1.5879 (low Nov.13) and then 1.5854 (low Nov.12). On the upside, a break above 1.6105 (high Nov.8) would open the door to 1.6115 (high Nov.7) and then 1.6118 (high Nov.6).