Back
10 Dec 2014
GBP/USD up to test the 1.5720 for third time
FXStreet (Guatemala) - GBP/USD is trading at 1.5706, up 0.25% on the day, having posted a daily high at 1.5721 and low at 1.5647.
GBP/USD is pressing on higher, but there is a lac of volume pushing through at this stage of the rally and the major is becoming more choppy in tight ranges as we progress on with the week. Resistance at 1.5720 is holding the pair up again for a third time this week.
Sterling has been supported on the back of the increase in exports despite there being a miss in expectations that immediately weighed on the knee jerk.
The pound was also supported on Carney suggesting rates will rise despite the current non-inflationary environment. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the short‐term technical for GBP/USD are mixed. “suggesting there is better risk/reward elsewhere. Support lies at 1.5600 and resistance lies at the 50‐day MA at 1.5887."
GBP/USD is pressing on higher, but there is a lac of volume pushing through at this stage of the rally and the major is becoming more choppy in tight ranges as we progress on with the week. Resistance at 1.5720 is holding the pair up again for a third time this week.
Sterling has been supported on the back of the increase in exports despite there being a miss in expectations that immediately weighed on the knee jerk.
The pound was also supported on Carney suggesting rates will rise despite the current non-inflationary environment. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the short‐term technical for GBP/USD are mixed. “suggesting there is better risk/reward elsewhere. Support lies at 1.5600 and resistance lies at the 50‐day MA at 1.5887."