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28 Mar 2014
Focus on 1.6600 in GBP/USD - Investec
FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, underlines the importance of the 1.6600h handle after the recent GBP/USD upside.
Key Quotes
"A strong set of UK Retail sales numbers yesterday helped propel GBPUSD over 1.6600 after the currency pair started the week in the 1.64s. Despite the poor weather, sales in February were up 1.7% against expectations of just 0.5%, which combined with soft German inflation data released this morning has pushed GBPEUR back up to around 1.2100".
"With it being the penultimate day off the month, there will be large flows dominating the market and traders will be closely watching the pivotal 1.6600/10 level in Cable which will be crucial in deciding the short term momentum in the currency pair."
Key Quotes
"A strong set of UK Retail sales numbers yesterday helped propel GBPUSD over 1.6600 after the currency pair started the week in the 1.64s. Despite the poor weather, sales in February were up 1.7% against expectations of just 0.5%, which combined with soft German inflation data released this morning has pushed GBPEUR back up to around 1.2100".
"With it being the penultimate day off the month, there will be large flows dominating the market and traders will be closely watching the pivotal 1.6600/10 level in Cable which will be crucial in deciding the short term momentum in the currency pair."