10 Oct 2013
GBP/USD climbs to 1.5950 on BoE
FXstreet.com (Edinburgh) -The GBP/USD picked up pace and clinched the area of 1.5950/55 after the BoE left unchanged its monetary policy on Thursday, broadly in line with market expectations.
GBP/USD extends the recovery
The pair is now trading on a better mood, recovering ground lost and hovering over the positive territory after the central bank commanded by Mark Carney kept the lending benchmark at 0.5% and the stimulus programme at £375 billion, in line with prior surveys. There is no statement either, as Governor Carney is attending the G20 and IMF meetings in Washington. “Sterling has not recovered from yesterday's break. Sterling came back to test the neckline of the technical pattern as is often the case, but it was turned back from a little above the $1.5950 area. We look a continuation of the pullback, confirming that the 14-cent rally is over”, noted BBH Global Currency Strategy Team.
GBP/USD key levels
The pair is now losing 0.05% at 1.5945 and a breakdown of 1.5917 (low Oct.9) would expose 1.5903 (MA30d) and finally 1.5893 (low Sep.18). On the upside, the immediate hurdle aligns at 1.5968 (high Oct.9) followed by 1.6109 (MA10d) and then 1.6122 (high Oct.9).
GBP/USD extends the recovery
The pair is now trading on a better mood, recovering ground lost and hovering over the positive territory after the central bank commanded by Mark Carney kept the lending benchmark at 0.5% and the stimulus programme at £375 billion, in line with prior surveys. There is no statement either, as Governor Carney is attending the G20 and IMF meetings in Washington. “Sterling has not recovered from yesterday's break. Sterling came back to test the neckline of the technical pattern as is often the case, but it was turned back from a little above the $1.5950 area. We look a continuation of the pullback, confirming that the 14-cent rally is over”, noted BBH Global Currency Strategy Team.
GBP/USD key levels
The pair is now losing 0.05% at 1.5945 and a breakdown of 1.5917 (low Oct.9) would expose 1.5903 (MA30d) and finally 1.5893 (low Sep.18). On the upside, the immediate hurdle aligns at 1.5968 (high Oct.9) followed by 1.6109 (MA10d) and then 1.6122 (high Oct.9).