18 Nov 2013
GBP/USD for the 1.62 handle?
FXstreet.com (London) - GBP/USD broke through the recent highs of 1.6105 and 1.6120 and this may indicate a look towards the 1.62 handle.
GBP/USD has continued to grid higher, making slow but steady progress and if the 1.62 handle can be breached, this then opens up the recent 1.6260 for a test. The key driver has been the market’s initial reaction to the Bank of England’s hawkish November Inflation Report. However, Darren Williams, Senior European Economist at Alliance Bernstein is less convinced. “The Bank’s main message is that, even if growth rates remain strong, monetary policy is likely to remain highly accommodative until excess capacity in the UK has been eliminated”.
GBP/USD Levels
The 20 DMA is 1.6072, the 50 DMA is 1.6034 and the 200 DMA is 1.5501. RSI (14) reads 52.32. Supports are ascending from 1.5963, 1.5988, 1.6048, 1.6089,. Spot is currently 1.6114 while resistances are 1.6136, 1.6150, 1.6207 and 1.6260.
GBP/USD has continued to grid higher, making slow but steady progress and if the 1.62 handle can be breached, this then opens up the recent 1.6260 for a test. The key driver has been the market’s initial reaction to the Bank of England’s hawkish November Inflation Report. However, Darren Williams, Senior European Economist at Alliance Bernstein is less convinced. “The Bank’s main message is that, even if growth rates remain strong, monetary policy is likely to remain highly accommodative until excess capacity in the UK has been eliminated”.
GBP/USD Levels
The 20 DMA is 1.6072, the 50 DMA is 1.6034 and the 200 DMA is 1.5501. RSI (14) reads 52.32. Supports are ascending from 1.5963, 1.5988, 1.6048, 1.6089,. Spot is currently 1.6114 while resistances are 1.6136, 1.6150, 1.6207 and 1.6260.