Back
21 Apr 2014
GBP/USD climbs to highs near 1.6820
FXStreet (Edinburgh) - The sterling is now gathering steam against the greenback, pushing the GBP/USD to session highs in the boundaries of 1.6820.
GBP/USD focus on BoE minutes
The BoE minutes from its last meeting are due on Wednesday although they barely be of note. However, in the second part of the week, UK Retail Sales will grab all the attention, with consensus expecting a monthly contraction of 0.4% in March. “The BOE MPC minutes this week may shed more light on the authority’s perceived policy posture relative to the market’s reckoning of the first rate hike. In recent sessions, we note that the market’s confidence remains palpable with the GBP-USD’s ability to continue to skate near the 1.6800 vicinity. In the interim, a 1.6730-1.6845 range may prevail and we stay supported on the pair”, noted Emmanuel Ng FX Strategist at OCBC Bank.
GBP/USD levels to watch
As of writing the pair is up 0.14% at 1.6816 with the next resistance at 1.6845 (high Nov.18 2009) followed by 1.6879 (high Nov.16 2009) and finally 1.7045 (high Aug.5 2009). On the flip side, a breakdown of 1.6823 (high Feb.17) would open the door to 1.6821 (high Apr.10) and then 1.6721 (low Apr.16).
GBP/USD focus on BoE minutes
The BoE minutes from its last meeting are due on Wednesday although they barely be of note. However, in the second part of the week, UK Retail Sales will grab all the attention, with consensus expecting a monthly contraction of 0.4% in March. “The BOE MPC minutes this week may shed more light on the authority’s perceived policy posture relative to the market’s reckoning of the first rate hike. In recent sessions, we note that the market’s confidence remains palpable with the GBP-USD’s ability to continue to skate near the 1.6800 vicinity. In the interim, a 1.6730-1.6845 range may prevail and we stay supported on the pair”, noted Emmanuel Ng FX Strategist at OCBC Bank.
GBP/USD levels to watch
As of writing the pair is up 0.14% at 1.6816 with the next resistance at 1.6845 (high Nov.18 2009) followed by 1.6879 (high Nov.16 2009) and finally 1.7045 (high Aug.5 2009). On the flip side, a breakdown of 1.6823 (high Feb.17) would open the door to 1.6821 (high Apr.10) and then 1.6721 (low Apr.16).