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18 Sep 2015
GBP/USD revisiting daily highs
FXStreet (Mumbai) - The GBP/USD is trading few pips short from its daily high at 1.5659 as investors brushed aside dovish comments from BOE’s Haldane.
Second week of gains
The cable appears poised to finish higher to the second week on the back of strong domestic data and dovish FOMC statement. Earlier this week, the data in the UK showed wage growth spiked to six-year high in three months to July, while unemployment unexpectedly fell. The slight weakness in retail sales growth could not hurt Sterling.
Meanwhile, dovish turn from the Federal Reserve led to broad based weakness in the USD index.
GBP/USD Technical Levels
At 1.5650, The immediate resistance is located at 1.5659, above which the spot could test 1.5690 (July 29 high). On the other side, support is seen at 1.5557 (daily low) and 1.5522 (50-DMA).
Second week of gains
The cable appears poised to finish higher to the second week on the back of strong domestic data and dovish FOMC statement. Earlier this week, the data in the UK showed wage growth spiked to six-year high in three months to July, while unemployment unexpectedly fell. The slight weakness in retail sales growth could not hurt Sterling.
Meanwhile, dovish turn from the Federal Reserve led to broad based weakness in the USD index.
GBP/USD Technical Levels
At 1.5650, The immediate resistance is located at 1.5659, above which the spot could test 1.5690 (July 29 high). On the other side, support is seen at 1.5557 (daily low) and 1.5522 (50-DMA).