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GBP/USD pushes higher near 1.4580

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The demand for the sterling remains solid at the beginning of the week, now lifting GBP/USD to daily peaks in the 1.4575/80 band.

    GBP/USD bounces off 1.4500

    After an ephemeral test of fresh multi-year troughs below the 1.4500 handle in early trade, buyers have turned up and lifted the pair to current session highs in the 1.4580 area, so far snapping a 5-session negative streak.

    The sterling will take centre stage in the upcoming sessions in light of relevant data in the UK economy: Industrial/Manufacturing Production and NIESR GDP Estimate (Tuesday) and BoE MPC meeting and minutes (Thursday).

    GBP/USD important levels

    The pair is now up 0.35% at 1.4578 facing the next up-barrier at 1.4947 (high Dec.24) ahead of 1.5029 (55-day sma) and finally 1.5168 (100-day sma). On the other hand, a breakdown of 1.4498 (multi-year lows Jan.11) would expose 1.4346 (low Jun.8 2010) and then 1.4229 (2010 low May 20).
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