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Forex pairs in this Article » GBP/USD (Edinburgh) - Renewed buying pressure is now pushing the GBP/USD to the 1.6415/20 region, bouncing off the key 1.6400 handle.

GBP/USD focus on Weale’s speech

The pair is now extending its correction lower after hitting fresh 2-year highs in the boundaries of 1.6470 on Monday, finding decent support around 1.6400 the figure so far. The UK docket is empty today, however GBP traders would closely follow the speech by MPC member M.Weale due in the European noon. “Although he has been unafraid in the past to provide us with a non-conformist view of things, he is unlikely to stray too far from the BoE’s party line”, commented Jonathan Pryor, Corporate Treasury Analyst at Investec Capital Markets.

GBP/USD critical levels

The pair is now losing 0.17% at 1.6419 and a break below 1.6393 (high Dec.6) would expose 1.6369 (MA10d). On the upside, the initial hurdle lines up at 1.6468 (2013 high Dec.10) ahead of 1.6500 (psychological level) and finally 1.6574 (high Aug.23 2011).
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