13 Nov 2013
GBP/USD extends advance to 1.6045
FXstreet.com (San Francisco) - The Sterling is extending its advance against the US dollar in the American session. After rising around 50 pips in the last hour, the GBP/USD has jumped to break above the 1.6000 key level and reach fresh intra-week highs around 1.6045.
The GBP found the much-needed oxygen after the hawkish tone from the BoE’s Quarterly Inflation Report, where the central bank now sees the jobless rate to hit the 7% threshold by Q3 2015 (Q2 2016 previously).
Currently, the GBP/USD is trading at 1.6030, 0.77% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart. MACD, CCI and Momentum indicators are pointing to the north while the stochastic is bearish.
A breakout of 1.6051 (MA30d) would bring 1.6105 (high Nov.8) and then 1.6115 (high Nov.7). On the downside, the initial support aligns at 1.5854 (low Nov.12) ahead of 1.5844 (50% of 1.5427-1.6260) and finally 1.5776 (low Sep12).
The GBP found the much-needed oxygen after the hawkish tone from the BoE’s Quarterly Inflation Report, where the central bank now sees the jobless rate to hit the 7% threshold by Q3 2015 (Q2 2016 previously).
Currently, the GBP/USD is trading at 1.6030, 0.77% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart. MACD, CCI and Momentum indicators are pointing to the north while the stochastic is bearish.
A breakout of 1.6051 (MA30d) would bring 1.6105 (high Nov.8) and then 1.6115 (high Nov.7). On the downside, the initial support aligns at 1.5854 (low Nov.12) ahead of 1.5844 (50% of 1.5427-1.6260) and finally 1.5776 (low Sep12).