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21 Oct 2013
GBP/USD bounces off 1.6150
FXstreet.com (Edinburgh) -The sterling is following the rest of the riskier assets at the beginning of the week, taking the GBP/USD back too 1.6170/75 after dipping to 1.6155/50 overnight.
GBP/USD focus on NFP, BoE
The pair is taking a breather from the recent strong rally, ahead of key releases in the UK economy and US Payrolls tomorrow. Ahead in the week, the BoE minutes are due on Wednesday, although the neutral tone would lack the potential to add much volatility to the pair. Further data will show Mortgage Approvals gauged by BBA and the more relevant advanced GDP figures for the third quarter (0.8% QoQ exp.). Governor Carney will also give a speech on Thursday. Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “Only a slide through last week’s 1.5896 low will alleviate current upside pressure. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement”.
GBP/USD key levels
As of writing the pair is up 0.03% at 1.6172 with the initial resistance at 1.6240 (high Oct.3) followed by 1.6252 (high Oct.2) and then 1.6260 (high Oct.1). On the flip side, a breach of 1.6142 (low Oct.18) would open the door to 1.6100 (psychological level) and finally 1.6032 (MA10d).
GBP/USD focus on NFP, BoE
The pair is taking a breather from the recent strong rally, ahead of key releases in the UK economy and US Payrolls tomorrow. Ahead in the week, the BoE minutes are due on Wednesday, although the neutral tone would lack the potential to add much volatility to the pair. Further data will show Mortgage Approvals gauged by BBA and the more relevant advanced GDP figures for the third quarter (0.8% QoQ exp.). Governor Carney will also give a speech on Thursday. Axel Rudolph, Senior Technical Analyst at Commerzbank, commented, “Only a slide through last week’s 1.5896 low will alleviate current upside pressure. Failure there will target the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement”.
GBP/USD key levels
As of writing the pair is up 0.03% at 1.6172 with the initial resistance at 1.6240 (high Oct.3) followed by 1.6252 (high Oct.2) and then 1.6260 (high Oct.1). On the flip side, a breach of 1.6142 (low Oct.18) would open the door to 1.6100 (psychological level) and finally 1.6032 (MA10d).