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19 Mar 2014
GBP/USD around 1.6640 pre-FOMC
FXStreet (Edinburgh) - The pound is marching buoyant on Wednesday, taking the GBP/USD below session highs in the 1.6645/40 region.
GBP/USD propped up by UK data, BoE
Today’s intraday upside has been backed by solid employment figures. Recall that the UK economy added 105K jobs in the three months to January despite the jobless rate staying put at 7.2%. Furthermore, the BoE minutes collaborated with the upbeat sentiment, leaving unchanged both the refi rate and the asset purchase facility. “Given the recent shake out in sterling longs we would look to buy GBP on dips vs. the USD and the EUR near-term”, recommended Jane Foley, Senior Currency Strategist at Rabobank.
GBP/USD levels to watch
The pair is now advancing 0.28% at 1.6640 with the next hurdle at 1.6655 (high Mar.19) ahead of 1.6667 (high Mar.17) and finally 1.6719 (high Mar.13). On the flip side, a breakdown of 1.6545 (low Mar.18) would open the door to 1.6500 (psychological level) and then 1.6425 (low Feb.12).
GBP/USD propped up by UK data, BoE
Today’s intraday upside has been backed by solid employment figures. Recall that the UK economy added 105K jobs in the three months to January despite the jobless rate staying put at 7.2%. Furthermore, the BoE minutes collaborated with the upbeat sentiment, leaving unchanged both the refi rate and the asset purchase facility. “Given the recent shake out in sterling longs we would look to buy GBP on dips vs. the USD and the EUR near-term”, recommended Jane Foley, Senior Currency Strategist at Rabobank.
GBP/USD levels to watch
The pair is now advancing 0.28% at 1.6640 with the next hurdle at 1.6655 (high Mar.19) ahead of 1.6667 (high Mar.17) and finally 1.6719 (high Mar.13). On the flip side, a breakdown of 1.6545 (low Mar.18) would open the door to 1.6500 (psychological level) and then 1.6425 (low Feb.12).