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17 Mar 2014
GBP/USD on its way to 1.6600?
FXStreet (Edinburgh) - The sterling is now losing the grip against the greenback, dragging the GBP/USD to intraday lows in the 1.6615/10 region so far.
GBP/USD eyes on FOMC, BoE minutes
There is not much going on data-wise in the UK this week, with only the BoE minutes (which would hardly be a market mover) and the public sector numbers on Friday. However, the FOMC gathering on Wednesday would be closely watched by traders and would surely add volatility to the pair. “The five-day average crossed below the 20-day average in the middle of last week for the first time in a month. However, there is a lack of momentum even sterling fell below support near $1.6600. A push higher may run into offers in the $1.6685-$1.6700 band. On the downside, a close below $1.6570 maybe helped, but it will take a move below $1.6530 to signal a move toward $1.6400”, signalled analysts at BBH.
GBP/USD relevant levels
At the moment the pair is down 0.22% at 1.6613 with the next support at 1.6587 (low Mar.14) ahead of 1.6568 (low Mar.12) and finally 1.6500 (psychological level). On the upside, a break above 1.6650 (high Mar.17) would expose 1.6719 (high Mar.13 ) and then 1.6745 (high Mar.10).
GBP/USD eyes on FOMC, BoE minutes
There is not much going on data-wise in the UK this week, with only the BoE minutes (which would hardly be a market mover) and the public sector numbers on Friday. However, the FOMC gathering on Wednesday would be closely watched by traders and would surely add volatility to the pair. “The five-day average crossed below the 20-day average in the middle of last week for the first time in a month. However, there is a lack of momentum even sterling fell below support near $1.6600. A push higher may run into offers in the $1.6685-$1.6700 band. On the downside, a close below $1.6570 maybe helped, but it will take a move below $1.6530 to signal a move toward $1.6400”, signalled analysts at BBH.
GBP/USD relevant levels
At the moment the pair is down 0.22% at 1.6613 with the next support at 1.6587 (low Mar.14) ahead of 1.6568 (low Mar.12) and finally 1.6500 (psychological level). On the upside, a break above 1.6650 (high Mar.17) would expose 1.6719 (high Mar.13 ) and then 1.6745 (high Mar.10).