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28 Nov 2013
GBP/USD consolidates above 1.6300
FXstreet.com (Edinburgh) - The GBP/USD is back above the 1.6300 handle on Thursday, extending the recent rally amidst increasing risk appetite amongst investors.
GBP/USD focus on Carney
The next event for the pound today will be Governor M.Carney’s speech in the context of the Financial Stability Report due in the European midday, ahead of the Consumer Confidence tracked by Gfk for the month of November, and due tonight. In the opinion of Strategists at UBS, “Cable is potentially developing a very strong upside break. After having traded sideways in a 1.5852-1.6265 range since mid September. The risk is for a continuation of strength over the coming weeks… Our target is 1.6600”.
GBP/USD relevant levels
As of writing the pair is up 0.15% at 1.6302 with the immediate resistance at 1.6380 (2013 high Jan.2) followed by 1.6400 (psychological level) and then 1.6421 (high Aug.30 2011). On the flip side, a breakdown of 1.6277 (low Nov.28) would open the door to 1.6198 (low Nov.27) and finally 1.6185 (MA10d).
GBP/USD focus on Carney
The next event for the pound today will be Governor M.Carney’s speech in the context of the Financial Stability Report due in the European midday, ahead of the Consumer Confidence tracked by Gfk for the month of November, and due tonight. In the opinion of Strategists at UBS, “Cable is potentially developing a very strong upside break. After having traded sideways in a 1.5852-1.6265 range since mid September. The risk is for a continuation of strength over the coming weeks… Our target is 1.6600”.
GBP/USD relevant levels
As of writing the pair is up 0.15% at 1.6302 with the immediate resistance at 1.6380 (2013 high Jan.2) followed by 1.6400 (psychological level) and then 1.6421 (high Aug.30 2011). On the flip side, a breakdown of 1.6277 (low Nov.28) would open the door to 1.6198 (low Nov.27) and finally 1.6185 (MA10d).