25 Jun 2013
GBP/USD in highs around 1.5470
Fxstreet.com (Edinburgh) - The sterling is now pushing higher, driving the GBP/USD to fresh weekly highs in the area of 1.5470 ahead of key US data.
GBP/USD hinging on US docket
The recent USD rally would find extra fuel if the upcoming releases in the US economy – Durable Goods Orders, Consumer Confidence and New Home Sales – surprise investor to the upside, allowing the pair to revert the current gains. “The amount of tightening priced in for the BoE over the coming year has increased further likely aided by the recent string of ‘better’ UK economic data… however we remain wary of seeing this as a sign of sustained recovery and the risk of another shift in market pricing remains high heading through the summer”, commented Melinda Burguess, FX Trading Strategist at RBS.
GBP/USD key levels
As of writing the pair is up 0.20% at 1.5467 with the next resistance at 1.5473 (high Jun.250 ahead of the psychological level at 1.5500 and finally 1.5531 (high Jun.21). On the downside, a break below 1.5426 (low Jun.25) would expose 1.5356 (50% of 1.5879-1.48320 and then 1.5343 (low Jun.24).
GBP/USD hinging on US docket
The recent USD rally would find extra fuel if the upcoming releases in the US economy – Durable Goods Orders, Consumer Confidence and New Home Sales – surprise investor to the upside, allowing the pair to revert the current gains. “The amount of tightening priced in for the BoE over the coming year has increased further likely aided by the recent string of ‘better’ UK economic data… however we remain wary of seeing this as a sign of sustained recovery and the risk of another shift in market pricing remains high heading through the summer”, commented Melinda Burguess, FX Trading Strategist at RBS.
GBP/USD key levels
As of writing the pair is up 0.20% at 1.5467 with the next resistance at 1.5473 (high Jun.250 ahead of the psychological level at 1.5500 and finally 1.5531 (high Jun.21). On the downside, a break below 1.5426 (low Jun.25) would expose 1.5356 (50% of 1.5879-1.48320 and then 1.5343 (low Jun.24).