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Forex pairs in this Article » GBP/USD (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that GBP continues on its skyward surge.

Key Quotes

“Pound surge strongly across the board, boosted by UK employment data: the unemployment rate hit 7.1%, barely above BOE’s threshold of 7.0%.”

“Although the Central Bank governor Mark Carney warned that 7.0% is not an automatic rate hike, investors run to price in the possibility, sending GBP/USD in a 10 minutes 100 pips ride towards 1.6550.”

“Holding nearby, the 4 hours chart shows a strong upward momentum as 20 SMA also gains upward slope below current price that holds well above past weeks high of 1.6510. As long as above this last, the pair should maintain the positive tone, with a break above mentioned high favoring a continuation towards 1.6601, this year high.”

“Below 1.6510, the pair is exposed to a fall towards latest intraday resistance in the 1.6450/60 area, while further losses seem unlikely for today.”
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