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18 Dec 2013
GBP/USD climbs to test 1.6400
FXstreet.com (San Francisco) - The Sterling is trading higher against the US Dollar today amid decline in the UK unemployment rate and strong retail sales data in UK and strong housing numbers in US.
The GBP/USD jumped around 120 pips from 1.6270 in the European session and now it is trading at nearly 2-week highs at 1.6390, ready to attack 1.6400 level. "The combination of falling UK unemployment and stellar retail sales has reignited the pound after yesterday's downside shakeout," FXbeat's analyst Jamie Coleman commented in a recent piece.
In addition, better than expected housing starts in the United States fueled risk sentiment in the US opening bell.
The Pound to Dollar exchange rate is pricing now at 1.6390, 0.81% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart. MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish.
"Waiting buyers are hoping for dips to 1.6350/60 to get on board the UK Express," affirms Coleman. "1.6415/20 is next resistance, with good-size stop-loss buy orders rumored on a break."
The GBP/USD jumped around 120 pips from 1.6270 in the European session and now it is trading at nearly 2-week highs at 1.6390, ready to attack 1.6400 level. "The combination of falling UK unemployment and stellar retail sales has reignited the pound after yesterday's downside shakeout," FXbeat's analyst Jamie Coleman commented in a recent piece.
In addition, better than expected housing starts in the United States fueled risk sentiment in the US opening bell.
The Pound to Dollar exchange rate is pricing now at 1.6390, 0.81% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart. MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish.
"Waiting buyers are hoping for dips to 1.6350/60 to get on board the UK Express," affirms Coleman. "1.6415/20 is next resistance, with good-size stop-loss buy orders rumored on a break."