28 Apr 2014
GBP/USD in multi-year highs
FXStreet (Edinburgh) - The sterling continues to push higher on Monday, taking the GBP/USD to fresh multi-year highs beyond 1.6850.
GBP/USD focus on GDP figures
The sterling is climbing to levels last seen in late-2009 beyond 1.6850, amidst rising risk appetite and stops triggering. Interesting week ahead in the data front for the pound, the advanced GDP figures for the first quarter tomorrow (0.9% QoQ exp.), Manufacturing PMI on Thursday and US Non farm Payrolls on Friday should keep the volatility alive. In the opinion of Quek Ser Leang, Market Strategist at UOB Group, “While GBP failed to move above the strong resistant at 1.6838/43 again, the current pullback is likely part of a consolidation phase. Only a break below the strong support at 1.6750 will suggest the start of a deeper down-move but it is more likely GBP will trade sideways today between 1.6775 and 1.6825”.
GBP/USD levels to watch
At the time of writing the pair is up 0.26% at 1.6845 and a surpass of 1.6859 (high Apr.28) would open the door to 1.6879 (high Nov.16 2009) and finally 1.6900 (psychological level). On the flip side, the initial support aligns at 1.6777 (low Apr.28) ahead of 1.6766 (low Apr.24) and then 1.6762 (low Apr.23).
GBP/USD focus on GDP figures
The sterling is climbing to levels last seen in late-2009 beyond 1.6850, amidst rising risk appetite and stops triggering. Interesting week ahead in the data front for the pound, the advanced GDP figures for the first quarter tomorrow (0.9% QoQ exp.), Manufacturing PMI on Thursday and US Non farm Payrolls on Friday should keep the volatility alive. In the opinion of Quek Ser Leang, Market Strategist at UOB Group, “While GBP failed to move above the strong resistant at 1.6838/43 again, the current pullback is likely part of a consolidation phase. Only a break below the strong support at 1.6750 will suggest the start of a deeper down-move but it is more likely GBP will trade sideways today between 1.6775 and 1.6825”.
GBP/USD levels to watch
At the time of writing the pair is up 0.26% at 1.6845 and a surpass of 1.6859 (high Apr.28) would open the door to 1.6879 (high Nov.16 2009) and finally 1.6900 (psychological level). On the flip side, the initial support aligns at 1.6777 (low Apr.28) ahead of 1.6766 (low Apr.24) and then 1.6762 (low Apr.23).