10 Jun 2013
GBP/USD eyes 1.5580 as risk appetite intensifies
FXstreet.com (Barcelona) - The sterling is posting fresh session highs around 1.5570 on Monday, as risk appetite is now swelling amongst investors.
“Better UK data, extreme long USD positioning and concern heading into US payrolls saw a continuation of the rebound in GBP/USD. Our short-term fair value estimate has reversed some it’s recent rally, drifting lower since late May aided by a further appreciation of the S&P and an expanding Fed balance sheet”, noted Melinda Burgess, FX Trading Strategist at RBS.
GBP/USD is gaining 0.32% at 1.5566 and a breakout of 1.5685 (high Jun.6) would expose 1.5690 (high Feb.13) and finally 1.5705 (MA200d). On the flip side, support levels align at 1.5486 (low Jun.7) followed by 1.5384 (low Jun.6) and then 1.5336 (MA100d).
“Better UK data, extreme long USD positioning and concern heading into US payrolls saw a continuation of the rebound in GBP/USD. Our short-term fair value estimate has reversed some it’s recent rally, drifting lower since late May aided by a further appreciation of the S&P and an expanding Fed balance sheet”, noted Melinda Burgess, FX Trading Strategist at RBS.
GBP/USD is gaining 0.32% at 1.5566 and a breakout of 1.5685 (high Jun.6) would expose 1.5690 (high Feb.13) and finally 1.5705 (MA200d). On the flip side, support levels align at 1.5486 (low Jun.7) followed by 1.5384 (low Jun.6) and then 1.5336 (MA100d).