13 Feb 2014
GBP/USD in fresh 2014 highs
FXStreet (Edinburgh) - The sterling keeps pushing higher, taking the GBP/USD to print fresh ytd highs near 1.6680 after poor US retail sales.
GBP/USD unstoppable
Very disappointing US retail sales during January are boosting the sentiment around the risk appetite so far, contracting 0.4% on a monthly basis and coming in flat excluding the auto sector. The weekly report on the labour market also came in softer, with initial claims rising to 339K in the week ended on February 7th. In light of the recent BoE’s QIR, Lee Hardman, Currency Analyst at BTMU commented, “the developments support our view that GBP/USD will rise towards 1.70 level… in the year ahead”.
GBP/USD key levels
The pair is now up 0.41% at 1.6661 with the next resistance at 1.6673 (2014 high Feb.13) and then 1.6700 (psychological level). On the flip side, a break below 1.6425 (low Feb.12) would aim for 1.6392 (low Feb.11) and then 1.6384 (low Feb.10).
GBP/USD unstoppable
Very disappointing US retail sales during January are boosting the sentiment around the risk appetite so far, contracting 0.4% on a monthly basis and coming in flat excluding the auto sector. The weekly report on the labour market also came in softer, with initial claims rising to 339K in the week ended on February 7th. In light of the recent BoE’s QIR, Lee Hardman, Currency Analyst at BTMU commented, “the developments support our view that GBP/USD will rise towards 1.70 level… in the year ahead”.
GBP/USD key levels
The pair is now up 0.41% at 1.6661 with the next resistance at 1.6673 (2014 high Feb.13) and then 1.6700 (psychological level). On the flip side, a break below 1.6425 (low Feb.12) would aim for 1.6392 (low Feb.11) and then 1.6384 (low Feb.10).