9 Dec 2013
GBP/USD makes it through 1.6400
FXstreet.com (Edinburgh) - The sterling managed to follow through the key 1.6400 handle on Monday, pushing the GBP/USD to fresh highs near 1.6420.
GBP/USD muted on Carney
BoE’s Carney gave a speech at the Economic Club of New York although there were no major announcements or comments. Amongst the salient points, Carney said he would use another tool rather than interest rates to control the UK recovery and that the productivity is likely to rise as demand recovers. In addition, he warned about the risks of extended stimulus and he also expressed concerns about potential housing developments. In light of the last CFTC Report, Senior Strategist Jane Foley at Rabobank commented, “Sterling positions strengthened to their highest net long since January as firm UK economic data continue to suggest the recovery is gaining pace”.
GBP/USD key levels
At the moment the pair is up 0.40% at 1.6408 with the next resistance at 1.6437 (high Dec.3) ahead of 1.6443 (2013 high Dec.1). On the flip side, a breakdown of 1.6316 (low Dec.9) would open the door to 1.6294 (low Dec.6) and finally 1.6277 (low Nov.28).
GBP/USD muted on Carney
BoE’s Carney gave a speech at the Economic Club of New York although there were no major announcements or comments. Amongst the salient points, Carney said he would use another tool rather than interest rates to control the UK recovery and that the productivity is likely to rise as demand recovers. In addition, he warned about the risks of extended stimulus and he also expressed concerns about potential housing developments. In light of the last CFTC Report, Senior Strategist Jane Foley at Rabobank commented, “Sterling positions strengthened to their highest net long since January as firm UK economic data continue to suggest the recovery is gaining pace”.
GBP/USD key levels
At the moment the pair is up 0.40% at 1.6408 with the next resistance at 1.6437 (high Dec.3) ahead of 1.6443 (2013 high Dec.1). On the flip side, a breakdown of 1.6316 (low Dec.9) would open the door to 1.6294 (low Dec.6) and finally 1.6277 (low Nov.28).