Forex: GBP/USD bulls eye 1.6120 resistance
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GBP/USD
FXstreet.com (San Francisco) - After testing 1.6115 in the overnight session, GBPUSD continues to consolidate beneath the 1.61 mark as we near the end of Asian trade, still holding above a daily descendant channel coming from 1.6308 this year high.
According to Valeria Bednarik, Chief Analyst at FXstreet.com, from here, downward corrective movements "should find support around 1.6065," in which case bulls will maintain control. If bulls do indeed manage to continue onward, "a break above 1.6120 resistance, should open doors for a retest of 1.6170 November monthly high," says the analyst.
Fundamentally speaking, on offer today in the UK is Markit Economics' PMI Construction reading for November, expected to show that business conditions in the construction sector continue to expand (forecast: 50.5). On the 6th, the Bank of England will issue its decision on monetary policy, when no change is expected; although the BOE announcement will be scrutinized for any additions to the current asset purchase program.
According to Valeria Bednarik, Chief Analyst at FXstreet.com, from here, downward corrective movements "should find support around 1.6065," in which case bulls will maintain control. If bulls do indeed manage to continue onward, "a break above 1.6120 resistance, should open doors for a retest of 1.6170 November monthly high," says the analyst.
Fundamentally speaking, on offer today in the UK is Markit Economics' PMI Construction reading for November, expected to show that business conditions in the construction sector continue to expand (forecast: 50.5). On the 6th, the Bank of England will issue its decision on monetary policy, when no change is expected; although the BOE announcement will be scrutinized for any additions to the current asset purchase program.
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