16 Jun 2014
GBP/USD takes a breather below 1.7000
FXStreet (Córdoba) - The GBP/USD is taking a breather just below 1.7000 after a corrective pullback from fresh 5-year highs.
The GBP/USD peaked at 1.7011 during the European session, last seen Aug 5 2009, with the Cable still benefiting from BoE’s Carney hawkish comments. Last Thursday, Carney said interest rates in the UK could rise sooner than investors expect, a clear signal the BoE is gearing up for its first hike after 5 years of record low rates. At time of writing, the GBP/USD is trading at the 1.6985 area, still up 0.09% on the day.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that the GBP/USD holds a positive bias “with scope to extend up to 1.7040, August 2009 monthly high, while once above the rally may continue up to 1.7250 price zone over the upcoming days”.
The GBP/USD peaked at 1.7011 during the European session, last seen Aug 5 2009, with the Cable still benefiting from BoE’s Carney hawkish comments. Last Thursday, Carney said interest rates in the UK could rise sooner than investors expect, a clear signal the BoE is gearing up for its first hike after 5 years of record low rates. At time of writing, the GBP/USD is trading at the 1.6985 area, still up 0.09% on the day.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that the GBP/USD holds a positive bias “with scope to extend up to 1.7040, August 2009 monthly high, while once above the rally may continue up to 1.7250 price zone over the upcoming days”.