8 Apr 2014
GBP/USD exhausted at 1.6750?
FXStreet (Edinburgh) - It seems the GBP’s intraday upside is taking a breather at the moment, with the GBP/USD looking to consolidate around 1.6750.
GBP/USD up on risk
The pair broke above the congestion pattern around 1.6600 that prevailed from Monday noon until today’s opening bell in Euroland, backed by the positive risk-on trade and auspicious data from the UK’s industrial sector. “This week’s BoE meeting is likely to prove a non-event; however the central bank is expected to enter its rate hiking cycle ahead of the rest of the G4, which is likely to keep GBP elevated”, noted Camilla Sutton, Chief FX Strategist at Scotiabank.
GBP/USD levels to consider
At the moment the pair is up 0.81% at 1.6742 and a surpass of 1.6745 (high Mar.10) would aim for 1.6787 (high Mar.7) ahead of 1.6800 (psychological level). On the downside, the next support lines up at 1.6652 (down TL 1.6787-1.6684) ahead of 1.6567 (low Apr.7) and finally 1.6555 (low Apr.4).
GBP/USD up on risk
The pair broke above the congestion pattern around 1.6600 that prevailed from Monday noon until today’s opening bell in Euroland, backed by the positive risk-on trade and auspicious data from the UK’s industrial sector. “This week’s BoE meeting is likely to prove a non-event; however the central bank is expected to enter its rate hiking cycle ahead of the rest of the G4, which is likely to keep GBP elevated”, noted Camilla Sutton, Chief FX Strategist at Scotiabank.
GBP/USD levels to consider
At the moment the pair is up 0.81% at 1.6742 and a surpass of 1.6745 (high Mar.10) would aim for 1.6787 (high Mar.7) ahead of 1.6800 (psychological level). On the downside, the next support lines up at 1.6652 (down TL 1.6787-1.6684) ahead of 1.6567 (low Apr.7) and finally 1.6555 (low Apr.4).