Forex: GBP/USD extends gains above 1.6150
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GBP/USD
FXstreet.com (Córdoba) - The pound advanced on Wednesday and reached a nearly 2-week high versus the dollar underpinned by better-than-expected UK employment data and the positive market sentiment. The August UK unemployment rate fell to 7.9% over the last three months period against expectations of no change at 8.1%.
GBPUSD broke above the 1.6150 resistance area and stretched to its highest since Oct 5 at 1.6177 in recent dealings. The pair was last up 0.4% at the 1.6165 area.
From a technical view, Stoyan Mihaylov, analyst at www.deltastock.com, notes that there are no signs of a reversal and the bias continues to be bullish with a break through 1.6150 "initiating a rise towards 1.6308", the analyst say. "Crucial on the downside is 1.6090".
Earlier today the BoE published the minutes of its latest meeting showing that the MPC voted 9-0 to keep QE at GBP375 bn and interest rate at 0.5% in October, as expected. However, some members saw "considerable scope" for more QE, in line with analysts view of further stimulus in November.
GBPUSD broke above the 1.6150 resistance area and stretched to its highest since Oct 5 at 1.6177 in recent dealings. The pair was last up 0.4% at the 1.6165 area.
From a technical view, Stoyan Mihaylov, analyst at www.deltastock.com, notes that there are no signs of a reversal and the bias continues to be bullish with a break through 1.6150 "initiating a rise towards 1.6308", the analyst say. "Crucial on the downside is 1.6090".
Earlier today the BoE published the minutes of its latest meeting showing that the MPC voted 9-0 to keep QE at GBP375 bn and interest rate at 0.5% in October, as expected. However, some members saw "considerable scope" for more QE, in line with analysts view of further stimulus in November.
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