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27 Jan 2014
GBP/USD gearing up for 1.6600
FXstreet.com (Edinburgh) - The sterling is prolonging today’s bull run against the greenback, pushing the GBP/USD to the area of 1.6585/90.
GBP/USD supported around 1.6480
The pair is resuming last week’s upside, recovering part of the ground lost on Friday, where selling interest dragged spot from over 2-year peaks near 1.6670 to sub-1.6500 levels. Technically speaking, Senior FX Strategist Paul Robson at RBS, commented, “The daily charts are giving quicker signals and last week had negative divergence ahead of the fall back lower. However, that pullback lower must be take into consideration the prevailing overall uptrend – so keep watching the daily charts”.
GBP/USD key levels
The pair is now up 0.51% at 1.6586 and a breakout of 1.6615 (high Jan.23) would open the door to 1.6668 (2014 high Jan.24) and finally 1.6700 (psychological level). On the downside, the initial support aligns at 1.6452 (low Jan.22) ahead of 1.6400 (low Jan.21) and then 1.6396 (low Jan.20).
GBP/USD supported around 1.6480
The pair is resuming last week’s upside, recovering part of the ground lost on Friday, where selling interest dragged spot from over 2-year peaks near 1.6670 to sub-1.6500 levels. Technically speaking, Senior FX Strategist Paul Robson at RBS, commented, “The daily charts are giving quicker signals and last week had negative divergence ahead of the fall back lower. However, that pullback lower must be take into consideration the prevailing overall uptrend – so keep watching the daily charts”.
GBP/USD key levels
The pair is now up 0.51% at 1.6586 and a breakout of 1.6615 (high Jan.23) would open the door to 1.6668 (2014 high Jan.24) and finally 1.6700 (psychological level). On the downside, the initial support aligns at 1.6452 (low Jan.22) ahead of 1.6400 (low Jan.21) and then 1.6396 (low Jan.20).