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GBP/USD advances further near 1.4670 ahead of BoE

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The softer tone in the greenback continues to support the advance in GBP/USD today, currently testing the 1.4660/70 band, or session highs.

    GBP/USD stronger ahead of BoE

    Spot is navigating the area of multi-week highs around 1.4660 bolstered by a continuation of the selling interest around the dollar, which has been the exclusive driver behind the strong recovery in the risk-associated assets as of late.

    The sterling will remain in the limelight later in the session, as the BoE will publish its Quarterly Inflation Report, followed by the MPC meeting the speech by Governor M.Carney.

    GBP/USD levels to consider

    As of writing the pair is up 0.41% at 1.4651 and a breakout of 1.4743 (55-day sma) would open the door to 1.4796 (61.8% Fibo of 1.5240-1.4079) and finally 1.4948 (high Dec.25). On the other hand, the next support aligns at 1.4522 (38.2% Fibo of 1.5240-1.40791.4147) followed by 1.4359 (20-day sma) and then 1.4079 (low Jan.20).

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