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4 Jun 2014
GBP/USD pushes to highs beyond 1.6760
FXStreet (Edinburgh) - The sterling is now gathering pace vs. the greenback, lifting the GBP/USD to fresh session peaks beyond the 1.6760 area.
GBP/USD advances on weaker USD, PMI
The pair is intensifying its intraday bullish momentum after the positive reading from the key services PMI in the UK economy during May, beating expectations despite coming in a tad lower than the April’s print. A generalized selling mood surrounding the US dollar is also collaborating in today’s upside. In the opinion of Dmytro Bondar, Technical Analyst at RBS, the pair “remains exposed for more downside amid large H&S pattern and candlestick patterns, which see the recent consolidation as a return move to the neckline level, which according to the H&S pattern should be followed by a move to 1.6600 onto 1.6556 and 1.6488/52. A break above 1.6800 changes the view”.
GBP/USD relevant levels
At the time of writing, the pair is up 0.05% at 1.6757 with the next resistance at 1.6773 (10-d MA) followed by 1.6782 (high Jun.3) and then 1.6816 (high May 28). On the downside, a break below 1.6699 (low Jun.4) would open the door to 1.6693 (low May 29) and finally 1.6681 (daily cloud base).
GBP/USD advances on weaker USD, PMI
The pair is intensifying its intraday bullish momentum after the positive reading from the key services PMI in the UK economy during May, beating expectations despite coming in a tad lower than the April’s print. A generalized selling mood surrounding the US dollar is also collaborating in today’s upside. In the opinion of Dmytro Bondar, Technical Analyst at RBS, the pair “remains exposed for more downside amid large H&S pattern and candlestick patterns, which see the recent consolidation as a return move to the neckline level, which according to the H&S pattern should be followed by a move to 1.6600 onto 1.6556 and 1.6488/52. A break above 1.6800 changes the view”.
GBP/USD relevant levels
At the time of writing, the pair is up 0.05% at 1.6757 with the next resistance at 1.6773 (10-d MA) followed by 1.6782 (high Jun.3) and then 1.6816 (high May 28). On the downside, a break below 1.6699 (low Jun.4) would open the door to 1.6693 (low May 29) and finally 1.6681 (daily cloud base).