GBP/USD keeps highs near 1.4540 ahead of Yellen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The sterling remains on a firm note on Wednesday, pushing GBP/USD to session highs well beyond the 1.4500 handle.

    GBP/USD shrugs off data, focus on Yellen

    The pair has managed to quickly leave behind the miserable prints from UK’s Industrial and Manufacturing Production during December, breaking above the 1.4500 mark bolstered by a strong rebound in the risk appetite trends.

    In the meantime, spot is prolonging its bounce off Monday’s lows around the 20-day sma in the mid-1.4300s, advancing nearly two big-figures ahead of Yellen’s semi-annual testimony due later in the NA session, and with the greenback taking centre stage.

    GBP/USD levels to consider

    As of writing the pair is advancing 0.45% at 1.4525 and a breakout of 1.4670 (high Feb.4) would aim for 1.4694 (55-day sma) and finally 1.4796 (61.8% Fibo of 1.5240-1.4079). On the other hand, the immediate support aligns at 1.4353 (23.6% Fibo of 1.5240-1.4079) followed by 1.4147 (low Jan.29) and then 1.4079 (low Jan.20).
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