18 Nov 2013
GBP/USD continuing the Bernanke / Yellen rally from last week; 1.6166 possible ceiling
FXstreet.com (Barcelona) - The GBP/USD has opened the week on the upside following the big upside that the cross had last week. Data flow won’t begin in earnest until the US session on Monday.
GBP/USD momentum likely to continue until something comes along to change it
The GBP/USD train is likely to keep rolling until news or data comes out to alter the bullish momentum that has gathered since the Bernanke / Yellen news last week. Right now, the perception is that Britain’s economy is strong enough to have their bankers leaning hawkish while the US’s economy is weak enough to keep their bankers leaning dovish. That combo has the GBP/USD in full bull mode.
Technical outlook for GBP/USD
Technicians say that GBP/USD has moved above one resistance at the 11/6 intraday peak at 1.6112 (now first support) and now has in its sights the next possible upside ceiling at 1.6165. Additional resistance comes in at the closing high from 10/22 at 1.6233 and additional support at Thursday’s low of 1.5987.
GBP/USD momentum likely to continue until something comes along to change it
The GBP/USD train is likely to keep rolling until news or data comes out to alter the bullish momentum that has gathered since the Bernanke / Yellen news last week. Right now, the perception is that Britain’s economy is strong enough to have their bankers leaning hawkish while the US’s economy is weak enough to keep their bankers leaning dovish. That combo has the GBP/USD in full bull mode.
Technical outlook for GBP/USD
Technicians say that GBP/USD has moved above one resistance at the 11/6 intraday peak at 1.6112 (now first support) and now has in its sights the next possible upside ceiling at 1.6165. Additional resistance comes in at the closing high from 10/22 at 1.6233 and additional support at Thursday’s low of 1.5987.