30 May 2014
GBP/USD squeezes higher to 1.6780
FXStreet (Edinburgh) - The sterling is now gathering steam vs. the greenback, lifting the GBP/USD to 2-day highs near 1.6780.
GBP/USD rebounds from 1.6700
Spot found decent support in the boundaries of 1.6700 the figure during this week, although the resurgence of risk appetite boosted GBP to the current levels. It was a pretty light week for GBP traders data-wise, with the pair was confided to follow the broader risk trends in the global markets. Moving forward to Monday’s UK docket, the manufacturing PMI print, M4 Money Supply and Consumer Credit will grab all the attention. “GBP-USD held largely steady and ended a smidgen higher on Thursday but if the 1.6750/85 zone is not pierced, the GBP may well remain in the expected downdraft from the EUR in the coming week. First support is expected on approach of 1.6700 before the next expected floor towards 1.6660”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
GBP/USD levels to consider
At the moment the pair is advancing 0.34% at 1.6774 with the next resistance at 1.6808 (10-d MA) ahead of 1.6816 (high May 28) and then 1.6833 (30-d MA). On the downside, a breach of 1.6700 (daily cloud top) would target 1.6693 (low May 29) en route to 1.6664 (100-d MA).
GBP/USD rebounds from 1.6700
Spot found decent support in the boundaries of 1.6700 the figure during this week, although the resurgence of risk appetite boosted GBP to the current levels. It was a pretty light week for GBP traders data-wise, with the pair was confided to follow the broader risk trends in the global markets. Moving forward to Monday’s UK docket, the manufacturing PMI print, M4 Money Supply and Consumer Credit will grab all the attention. “GBP-USD held largely steady and ended a smidgen higher on Thursday but if the 1.6750/85 zone is not pierced, the GBP may well remain in the expected downdraft from the EUR in the coming week. First support is expected on approach of 1.6700 before the next expected floor towards 1.6660”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
GBP/USD levels to consider
At the moment the pair is advancing 0.34% at 1.6774 with the next resistance at 1.6808 (10-d MA) ahead of 1.6816 (high May 28) and then 1.6833 (30-d MA). On the downside, a breach of 1.6700 (daily cloud top) would target 1.6693 (low May 29) en route to 1.6664 (100-d MA).