8 Apr 2014
GBP/USD flirting with 1.6720
FXStreet (Edinburgh) - The pound continues to push higher on Tuesday, now lifting the GBP/USD to the boundaries of 1.6720.
GBP/USD bolstered by risk, data
A continuation of the risk sentiment combined with upbeat results from the UK industrial sector is fuelling today’s GBP upside, advancing more than a big-figure since overnight troughs. “In February, industrial output, up by 0.9% m/m, recorded its highest increase since June 2013. The manufacturing production, which rose by 1% m/m, strongly underpinned this increase. Moreover, prospects in the manufacturing sector remain favourable despite a decrease in survey data over the past months”, commented Catherine Stephan, Analyst at BNP Paribas.
GBP/USD levels to consider
At the moment the pair is up 0.62% at 1.6711 and a surpass of 1.6719 (high Mar.13) would aim for 1.6745 (high Mar.10) and then 1.678 (high Mar.7). On the downside, the next support lines up at 1.6652 (down TL 1.6787-1.6684) ahead of 1.6567 (low Apr.7) and finally 1.6555 (low Apr.4).
GBP/USD bolstered by risk, data
A continuation of the risk sentiment combined with upbeat results from the UK industrial sector is fuelling today’s GBP upside, advancing more than a big-figure since overnight troughs. “In February, industrial output, up by 0.9% m/m, recorded its highest increase since June 2013. The manufacturing production, which rose by 1% m/m, strongly underpinned this increase. Moreover, prospects in the manufacturing sector remain favourable despite a decrease in survey data over the past months”, commented Catherine Stephan, Analyst at BNP Paribas.
GBP/USD levels to consider
At the moment the pair is up 0.62% at 1.6711 and a surpass of 1.6719 (high Mar.13) would aim for 1.6745 (high Mar.10) and then 1.678 (high Mar.7). On the downside, the next support lines up at 1.6652 (down TL 1.6787-1.6684) ahead of 1.6567 (low Apr.7) and finally 1.6555 (low Apr.4).