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24 Feb 2014
GBP/USD jumps to 1.6670
FXStreet (Edinburgh) - The GBP/USD is now regaining the 1.6670 area and is trading back to the positive territory after a short-lived test of the 1.6600 key support.
GBP/USD supported at 1.6600
The pair has reverted a negative start, climbing from the 1.6600 key support after the Asian session. The GBP upside seems to be taking a breather now although it remains well underpinned by he solid UK recovery and expectations of a rate hike earlier than anticipated by the BoE. “Despite the fact that the market has eroded the near term uptrend and the daily RSI has not confirmed the recent 1.6822 high; we suspect that the market will need to break below 1.6630/00 (38.2% retracement of the move seen so far in February) in order to alleviate its immediate upside bias”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD levels to consider
As of writing the pair is up 0.17% at 1.6667 with the immediate hurdle at 1.6690 (high Feb.21) followed by 1.6700 (high Feb.20) and then 1.6734 (high Feb.19). On the downside, a breach of 1.6599 (low Feb.24) would target 1.6594 (low Feb.13) en route to 1.6527 (21-d MA).
GBP/USD supported at 1.6600
The pair has reverted a negative start, climbing from the 1.6600 key support after the Asian session. The GBP upside seems to be taking a breather now although it remains well underpinned by he solid UK recovery and expectations of a rate hike earlier than anticipated by the BoE. “Despite the fact that the market has eroded the near term uptrend and the daily RSI has not confirmed the recent 1.6822 high; we suspect that the market will need to break below 1.6630/00 (38.2% retracement of the move seen so far in February) in order to alleviate its immediate upside bias”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD levels to consider
As of writing the pair is up 0.17% at 1.6667 with the immediate hurdle at 1.6690 (high Feb.21) followed by 1.6700 (high Feb.20) and then 1.6734 (high Feb.19). On the downside, a breach of 1.6599 (low Feb.24) would target 1.6594 (low Feb.13) en route to 1.6527 (21-d MA).