31 Jan 2014
GBP/USD rebounds to 1.6450
FXstreet.com (Edinburgh) - The sterling seems to have decent support in the boundaries of 1.6430 on Friday, now lifting the GBP/USD to the mid 1.64s region.
GBP/USD in weekly lows
The pair dipped to weekly lows near 1.6420 following its European peer, amidst a risk-off context and month-end flows adjustment. Ahead of next week’s BoE MPC meeting, Senior FX Strategist Jane Foley concluded, “we do not expect that the MPC will welcome further gains in the value of the exchange rate. We anticipate that the Bank will reiterate its dovish tone in February by altering its forward guidance and signaling that headwinds to growth are likely to persist for some time”.
GBP/USD relevant levels
As of writing the pair is down 0.12% at 1.6453 with the immediate support at 1.6400 (low Jan.21) ahead of 1.6396 (low Jan.20). On the upside, a break above 1.6500 (high Jan.31) would clear the way to 1.6565 (high Jan.30).
GBP/USD in weekly lows
The pair dipped to weekly lows near 1.6420 following its European peer, amidst a risk-off context and month-end flows adjustment. Ahead of next week’s BoE MPC meeting, Senior FX Strategist Jane Foley concluded, “we do not expect that the MPC will welcome further gains in the value of the exchange rate. We anticipate that the Bank will reiterate its dovish tone in February by altering its forward guidance and signaling that headwinds to growth are likely to persist for some time”.
GBP/USD relevant levels
As of writing the pair is down 0.12% at 1.6453 with the immediate support at 1.6400 (low Jan.21) ahead of 1.6396 (low Jan.20). On the upside, a break above 1.6500 (high Jan.31) would clear the way to 1.6565 (high Jan.30).