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Forex pairs in this Article » GBP/USD (Edinburgh) -The sterling has rapidly left behind the 1.60 and 1.61 handles on Wednesday, pushing the GBP/USD to 8-month highs around 1.6125/30.

GBP/USD bolstered by Fed, retail sales eyed

A mega-dovish FOMC statement and subsequent press conference by Chairman Bernanke left the current bond buying unchanged at a monthly pace of $85 billion. The announcements sharply contrasted with expectations for a light start of a tapering process, involving $5-$10 billion, punishing the greenback and catapulting the pair. Ahead in the day, UK Retail Sales are due, with prior surveys expecting a monthly advance of 0.4% in August.

GBP/USD relevant levels

As of writing the pair is retreating 0.08% at 1.6132 with the next support at 1.5893 (low Sep18) ahead of 1.5886 (low Sep.17) and finally 1.5689 (low Sep.16). On the upside, the initial barrier aligns at 1.6156 (high Jan.14).
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