8 Apr 2014
GBP/USD through 1.6700 on data
FXStreet (Edinburgh) - The sterling is now accelerating its intraday upside, pushing the GBP/USD beyond the 1.6700 handle post-UK data.
GBP/USD boosted by data
Upbeat results from the UK industrial sector are giving wings to the pair, regaining the 1.6700 mark and posting fresh 4-week highs. Data –wise, UK’s Industrial Production expanded 0.9% inter-month in February vs. forecasts for a 0.3% gain. Manufacturing Production followed suit, advancing 1.0% vs. 0.3% estimated. According to Paul Robson, Senior FX Strategist at RBS, “The charts appear broadly neutral. Support is seen at around 1.6470/80. Price printed an inside month In March. This suggests that the pressure overall is on moves lower this month into the 1.63/1.64 area with rallies struggling in the 1.66’s If we get a weekly close back above 1.6700, the outlook would turn more constructive”.
GBP/USD levels to consider
At the moment the pair is up 0.53% at 1.6696 and a surpass of 1.6719 (high Mar.13) would aim for 1.6745 (high Mar.10) and then 1.678 (high Mar.7). On the downside, the next support lines up at 1.6652 (down TL 1.6787-1.6684) ahead of 1.6567 (low Apr.7) and finally 1.6555 (low Apr.4).
GBP/USD boosted by data
Upbeat results from the UK industrial sector are giving wings to the pair, regaining the 1.6700 mark and posting fresh 4-week highs. Data –wise, UK’s Industrial Production expanded 0.9% inter-month in February vs. forecasts for a 0.3% gain. Manufacturing Production followed suit, advancing 1.0% vs. 0.3% estimated. According to Paul Robson, Senior FX Strategist at RBS, “The charts appear broadly neutral. Support is seen at around 1.6470/80. Price printed an inside month In March. This suggests that the pressure overall is on moves lower this month into the 1.63/1.64 area with rallies struggling in the 1.66’s If we get a weekly close back above 1.6700, the outlook would turn more constructive”.
GBP/USD levels to consider
At the moment the pair is up 0.53% at 1.6696 and a surpass of 1.6719 (high Mar.13) would aim for 1.6745 (high Mar.10) and then 1.678 (high Mar.7). On the downside, the next support lines up at 1.6652 (down TL 1.6787-1.6684) ahead of 1.6567 (low Apr.7) and finally 1.6555 (low Apr.4).