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22 Apr 2014
GBP/USD pushing higher to… 1.6850?
FXStreet (Edinburgh) - The sterling is extending its recent rally, now lifting the GBP/USD to fresh weekly highs beyond 1.6830.
GBP/USD challenges 2014 highs
The pair remains well poised to challenge previous ytd peaks posted last week at 1.6842 (April 17th) should the bid tone around the GBP intensifies. The next risk event for the pound would be tomorrow’s release of the BoE minutes ahead of March UK Retail Sales due on Friday (-0.4% MoM exp.). “The outlook for this pair remains neutral, continue to expect range trading between 1.6770 and 1.6830”, noted Quek Ser Leang, Market Strategist at UOB Group.
GBP/USD levels to consider
As of writing the pair is gaining 0.22% at 1.6829 with the immediate up barrier at 1.6842 (2014 high Apr.17) followed by 1.6845 (high Nov.18 2009) and finally 1.6879 (high Nov.16 2009). On the downside, a break below 1.6784 (low Apr.21) would aim for 1.6775 (10-d MA) and then 1.6771 (low Apr.18).
GBP/USD challenges 2014 highs
The pair remains well poised to challenge previous ytd peaks posted last week at 1.6842 (April 17th) should the bid tone around the GBP intensifies. The next risk event for the pound would be tomorrow’s release of the BoE minutes ahead of March UK Retail Sales due on Friday (-0.4% MoM exp.). “The outlook for this pair remains neutral, continue to expect range trading between 1.6770 and 1.6830”, noted Quek Ser Leang, Market Strategist at UOB Group.
GBP/USD levels to consider
As of writing the pair is gaining 0.22% at 1.6829 with the immediate up barrier at 1.6842 (2014 high Apr.17) followed by 1.6845 (high Nov.18 2009) and finally 1.6879 (high Nov.16 2009). On the downside, a break below 1.6784 (low Apr.21) would aim for 1.6775 (10-d MA) and then 1.6771 (low Apr.18).