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10 Sep 2013
Might the GBP/USD have topped at 1.5732 Monday?
FXstreet.com (Barcelona) - The British pound has been in bull mode and the US Dollar has been in bear mode for the last several sessions – pushing the GBP/USD right up to critical resistance at 1.5732 – 1.5737.
GBP/USD rallied Monday on hawkish words from one of the BOE’s governors
British pound futures had the wind at their sails Monday after Bank of England Governor Fisher indicated in an interview that the BOE would soon be looking to phase back or end their QE purchases in the near future. The strength there combined with carry-over weakness in the DXY from Friday to push the GBP/USD all the way up to major resistance at 1.5732.
There are only minor data points due out from Britain and the US Tuesday – so expectations are that US / Syria news and technical factors will be the driving forces in the trading action.
Technical outlook for GBP/USD
Technician and Portfolio Manager Tim Thielen, CMT, of Sea Change Capital believes the GBP/USD is at a major crossroads here at the 1.5732 – 1.5737 resistance level. In a recent report, he noted that a break and close above that level will break the backs of the GBP/USD bears while a hold of that resistance may lead to a tumble all the way down to 1.4500 – 1.4600.
GBP/USD rallied Monday on hawkish words from one of the BOE’s governors
British pound futures had the wind at their sails Monday after Bank of England Governor Fisher indicated in an interview that the BOE would soon be looking to phase back or end their QE purchases in the near future. The strength there combined with carry-over weakness in the DXY from Friday to push the GBP/USD all the way up to major resistance at 1.5732.
There are only minor data points due out from Britain and the US Tuesday – so expectations are that US / Syria news and technical factors will be the driving forces in the trading action.
Technical outlook for GBP/USD
Technician and Portfolio Manager Tim Thielen, CMT, of Sea Change Capital believes the GBP/USD is at a major crossroads here at the 1.5732 – 1.5737 resistance level. In a recent report, he noted that a break and close above that level will break the backs of the GBP/USD bears while a hold of that resistance may lead to a tumble all the way down to 1.4500 – 1.4600.