30 Apr 2014
GBP/USD keeps the range after ADP
FXStreet (Edinburgh) - The sterling remains within the intraday range on Wednesday, with the GBP/USD around 1.6825/30.
GBP/USD unchanged after data
The pair remains resilient above the 1.6800 handle after the US private sector added 220K jobs in April, surpassing estimates (200K) and March’s 209K. Recent auspicious data in the UK economy continues to prop up the upside in GBP, trading closer to its multi-year peaks near 1.6860. “The recent news gives us less reason to believe that the market’s rate expectations for the UK will be pushed back. This suggests that the main factor that will push GBPUSD towards our 1y forecast is rising US yields. We remain committed to our view that US 10y yields are likely to rise towards 3.5% over the next year, but as this is likely to rely on market sentiment towards to US improving, it could take some time”, commented Sara Yates, Global Head of FX Strategy at J.P.Morgan Private Bank.
GBP/USD relevant levels
At the moment the pair is losing 0.01% at 1.6825 and a break below 1.6792 (low Apr.29) would aim for 1.6777 (low Apr.28) and then 1.6762 (low Apr.23). On the upside, the initial barrier lines up at 1.6848 (high Apr.29) followed by 1.6758 (2014 high Apr.28) and finally 1.6879 (high Nov.16 2009).
GBP/USD unchanged after data
The pair remains resilient above the 1.6800 handle after the US private sector added 220K jobs in April, surpassing estimates (200K) and March’s 209K. Recent auspicious data in the UK economy continues to prop up the upside in GBP, trading closer to its multi-year peaks near 1.6860. “The recent news gives us less reason to believe that the market’s rate expectations for the UK will be pushed back. This suggests that the main factor that will push GBPUSD towards our 1y forecast is rising US yields. We remain committed to our view that US 10y yields are likely to rise towards 3.5% over the next year, but as this is likely to rely on market sentiment towards to US improving, it could take some time”, commented Sara Yates, Global Head of FX Strategy at J.P.Morgan Private Bank.
GBP/USD relevant levels
At the moment the pair is losing 0.01% at 1.6825 and a break below 1.6792 (low Apr.29) would aim for 1.6777 (low Apr.28) and then 1.6762 (low Apr.23). On the upside, the initial barrier lines up at 1.6848 (high Apr.29) followed by 1.6758 (2014 high Apr.28) and finally 1.6879 (high Nov.16 2009).