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Forex pairs in this Article » GBP/USD (Edinburgh) - The GBP/USD is retracing the overnight climb to fresh 2013 highs near 1.6470, now hovering over the 1.6430/25 region.

GBP/USD firmer ahead of data

The pair keeps the rally intact on Tuesday, advancing almost uninterruptedly from mid-November lows below 1.5900 the figure on solid UK numbers and expectations for a rate hike sooner than expected. Ahead in the day, Trade Balance figures are due followed by Industrial/Manufacturing Production and the UK GDP Estimate by NIESR. Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “Key nearby support are the previous highs seen at 1.6255/59 and while above here we are unable to rule out scope for a move to 1.6634/1.6735. Elliott wave counts across the spectrum suggest that this is the end of the move and that the topside should be limited to 1.6565”.

GBP/USD critical levels

The pair is now up 0.04% at 1.6433 with the next barrier at 1.6443 (high Dec.2) followed by 1.6467 (2013 high Dec.10) and then 1.6500 (psychological level). On the flip side, a breakdown of 1.6415 (high Dec.9) would open the door to 1.6393 (high Dec,6) and finally 1.6344 (MA10d).
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