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18 Oct 2013
GBP/USD keeps pushing higher, eyes 1.6200
FXstreet.com (Edinburgh) -The sterling is following its risk-related peers on Friday, lifting the GBP/USD to the proximities of 1.6200 the figure.
GBP/USD extending bullish momentum
The pair is trading at 2-week highs around 1.6180/1.6200, reverting the pullback to the boundaries of the key support at 1.5900 seen earlier in the week. Positive week for the GBP, bolstered by auspicious data from the UK labour market and September’s retail sales above estimates. “Despite this advance we will keep our toppish outlook as long as GBP/USD stays below the 1.6259 current October high. Should this not be the case, the 1.6302/69 2012 highs and 2009-13 resistance line will be in focus”, noted Axel Rudolph, Senior Technical Analyst at Commerzbank.
GBP/USD levels to watch
The pair is now advancing 0.11% at 1.6183 and a surpass of 1.6240 (high Oct.3) would open the door to 1.6252 (high Oct.2) and then 1.6260 (high Oct.1). On the flip side, the immediate support lies at 1.6142 (low Oct.18) ahead of 1.6100 (psychological level) and finally 1.6032 (MA10d).
GBP/USD extending bullish momentum
The pair is trading at 2-week highs around 1.6180/1.6200, reverting the pullback to the boundaries of the key support at 1.5900 seen earlier in the week. Positive week for the GBP, bolstered by auspicious data from the UK labour market and September’s retail sales above estimates. “Despite this advance we will keep our toppish outlook as long as GBP/USD stays below the 1.6259 current October high. Should this not be the case, the 1.6302/69 2012 highs and 2009-13 resistance line will be in focus”, noted Axel Rudolph, Senior Technical Analyst at Commerzbank.
GBP/USD levels to watch
The pair is now advancing 0.11% at 1.6183 and a surpass of 1.6240 (high Oct.3) would open the door to 1.6252 (high Oct.2) and then 1.6260 (high Oct.1). On the flip side, the immediate support lies at 1.6142 (low Oct.18) ahead of 1.6100 (psychological level) and finally 1.6032 (MA10d).