21 Jan 2014
GBP/USD advancing near 1.6480
FXstreet.com (Edinburgh) - The sterling is extending its upside momentum at the end of the NA session on Tuesday, pushing the GBP/USD to session highs near 1.6480.
GBP/USD eyes BoE, job report
Big day for the sterling tomorrow, as the BoE minutes would be in the limelight ahead of the more relevant release of the ILO unemployment rate. The pound would find extra support on Wednesday, as prior surveys expect the jobless rate to come in lower at 7.3% in the three months ended in November vs. 7.4% previous. According to Paul Robson, Senior FX Strategist at RBS, “As we put last week, this is real trench warfare with the sellers camped/dug in at the 1.6500/1.6600 area and the buyers camped/dug in at the 1.6180/1.6260 area… Hopefully, the daily charts will give us quicker signals within this range, which has worked well for the last 7 to 8 weeks.”
GBP/USD significant levels
At the moment the pair is up 0.23% at 1.6477 with the initial resistance at 1.6487 (high Jan.21) followed by 1.6508 (high Jan.13) and then 1.6518 (high Jan.10). On the downside, a breach of 1.6400 (low Jan.21) would open the door to 1.6396 (low Jan.20) and finally 1.6309 (low Jan.17).
GBP/USD eyes BoE, job report
Big day for the sterling tomorrow, as the BoE minutes would be in the limelight ahead of the more relevant release of the ILO unemployment rate. The pound would find extra support on Wednesday, as prior surveys expect the jobless rate to come in lower at 7.3% in the three months ended in November vs. 7.4% previous. According to Paul Robson, Senior FX Strategist at RBS, “As we put last week, this is real trench warfare with the sellers camped/dug in at the 1.6500/1.6600 area and the buyers camped/dug in at the 1.6180/1.6260 area… Hopefully, the daily charts will give us quicker signals within this range, which has worked well for the last 7 to 8 weeks.”
GBP/USD significant levels
At the moment the pair is up 0.23% at 1.6477 with the initial resistance at 1.6487 (high Jan.21) followed by 1.6508 (high Jan.13) and then 1.6518 (high Jan.10). On the downside, a breach of 1.6400 (low Jan.21) would open the door to 1.6396 (low Jan.20) and finally 1.6309 (low Jan.17).