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30 Sep 2013
GBP/USD retreating from highs
FXstreet.com (Edinburgh) -The sterling is now accelerating its intraday decline, dragging the GBP/USD to test fresh intraday lows in the mid 1.6100s.
GBP/USD eyes on data, NFP
Light UK calendar on Monday will show the M4 Money Supply, Net Lending to Individuals and the more relevant Mortgage Approvals, with market consensus pointing to an increase to 61.350K. Ahead in the week, the final PMI prints for the month of September are also due ahead of Friday’s US Payrolls, all amidst the prevailing risk aversion context mainly due to the political gridlock in Washington. According to BBH Global Currency Strategy Team, “Technically, a move above $1.6160-$1.6200 area may spur a move toward $1.6400. In addition to speculation that the UK will be the first of the major high income countries to raise interest rates, Verizon's $130 bln purchase of Vodafone's wireless unit, of which nearly half ($60 bln) is in cash, appears to also be lending sterling support”.
GBP/USD key levels
At the moment the pair is up 0.05% with the next resistance at 1.6164 (high Sep.18) followed by 1.6182 (high Jan.11) and then 1.6255 (high Jan.3). On the downside, a drop beyond 1.6025 (MA10d) would expose 1.5955 (low Sep.24) and then 1.5893 (low Sep.18).
GBP/USD eyes on data, NFP
Light UK calendar on Monday will show the M4 Money Supply, Net Lending to Individuals and the more relevant Mortgage Approvals, with market consensus pointing to an increase to 61.350K. Ahead in the week, the final PMI prints for the month of September are also due ahead of Friday’s US Payrolls, all amidst the prevailing risk aversion context mainly due to the political gridlock in Washington. According to BBH Global Currency Strategy Team, “Technically, a move above $1.6160-$1.6200 area may spur a move toward $1.6400. In addition to speculation that the UK will be the first of the major high income countries to raise interest rates, Verizon's $130 bln purchase of Vodafone's wireless unit, of which nearly half ($60 bln) is in cash, appears to also be lending sterling support”.
GBP/USD key levels
At the moment the pair is up 0.05% with the next resistance at 1.6164 (high Sep.18) followed by 1.6182 (high Jan.11) and then 1.6255 (high Jan.3). On the downside, a drop beyond 1.6025 (MA10d) would expose 1.5955 (low Sep.24) and then 1.5893 (low Sep.18).