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11 Feb 2014
GBP/USD pushing higher near 1.6440
FXStreet (Edinburgh) - The buying interest is now pushing the GBP/USD to print fresh multi-day highs in the boundaries of 1.6440.
GBP/USD supported at 1.6400
The pair is now looking to consolidate its rebound from 1.6400 ahead of the crucial BoE’s Quarterly Inflation Report due tomorrow, where all the attention would be in the evolution of the central bank’s forward guidance. According to Greg Gibbs, FX Strategist at RBS, “our UK strategy team think there is room for the Inflation report to further push forward rate hike expectations somewhat and thus potentially lower the GBP yield advantage at the margin. This may dampen upside for the GBP. However, the solid data prints suggest any downside potential is limited”.
GBP/USD significant levels
At the moment the pair is up 0.16% at 1.6433 with the immediate resistance at 1.6449 (high Feb.3) ahead of 1.6452 (30-d MA) and finally 1.6500 (high Jan.31). On the other hand, a breakdown of 1.6390 (low Feb.10) would aim for 1.6301 (low Feb.7).
GBP/USD supported at 1.6400
The pair is now looking to consolidate its rebound from 1.6400 ahead of the crucial BoE’s Quarterly Inflation Report due tomorrow, where all the attention would be in the evolution of the central bank’s forward guidance. According to Greg Gibbs, FX Strategist at RBS, “our UK strategy team think there is room for the Inflation report to further push forward rate hike expectations somewhat and thus potentially lower the GBP yield advantage at the margin. This may dampen upside for the GBP. However, the solid data prints suggest any downside potential is limited”.
GBP/USD significant levels
At the moment the pair is up 0.16% at 1.6433 with the immediate resistance at 1.6449 (high Feb.3) ahead of 1.6452 (30-d MA) and finally 1.6500 (high Jan.31). On the other hand, a breakdown of 1.6390 (low Feb.10) would aim for 1.6301 (low Feb.7).