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1 Oct 2013
GBP/USD stabilizes in highs beyond 1.6200
FXstreet.com (Edinburgh) -The sterling continues its relentless ascent on Tuesday, quickly leaving behind the 1.6200 handle and taking the GBP/USD to multi-month highs around 1.6240.
GBP/USD eyes on PMI, US shutdown
The pair is advancing for the fifth consecutive week so far, posting gains in 10 out of the last 13 weeks and climbing from lows near 1.4800 the figure in early July. Impressive. While the upbeat results from the US economy collaborated with the violent upside and bolstered confidence, market expectations for a rate hike sooner than the BoE deems necessary have bolstered the sentiment around the pound either. Data-wise in the UK, the final September manufacturing PMI print is due today. Prior surveys expect the index to improve a tad to 57.3 from 57.2, although this would be already priced in. “The consolidation pattern below 1.6160 is already over and the outlook is bullish, for a rise towards 1.6300 resistance area. Initial support is projected at 1.6120, followed by the key area at 1.6060”, suggested Stoyan Mihaylov, Strategist at DeltaStock.com.
GBP/USD key levels
At the moment the pair is up 0.26% at 1.6229 with the next resistance at 1.6255 (high Jan.3) followed by 1.6380 (2013 high Jan.2). On the downside, a break below 1.6159 (MA30h) would expose 1.6100 (low Sep.30).
GBP/USD eyes on PMI, US shutdown
The pair is advancing for the fifth consecutive week so far, posting gains in 10 out of the last 13 weeks and climbing from lows near 1.4800 the figure in early July. Impressive. While the upbeat results from the US economy collaborated with the violent upside and bolstered confidence, market expectations for a rate hike sooner than the BoE deems necessary have bolstered the sentiment around the pound either. Data-wise in the UK, the final September manufacturing PMI print is due today. Prior surveys expect the index to improve a tad to 57.3 from 57.2, although this would be already priced in. “The consolidation pattern below 1.6160 is already over and the outlook is bullish, for a rise towards 1.6300 resistance area. Initial support is projected at 1.6120, followed by the key area at 1.6060”, suggested Stoyan Mihaylov, Strategist at DeltaStock.com.
GBP/USD key levels
At the moment the pair is up 0.26% at 1.6229 with the next resistance at 1.6255 (high Jan.3) followed by 1.6380 (2013 high Jan.2). On the downside, a break below 1.6159 (MA30h) would expose 1.6100 (low Sep.30).