GBP/USD: Pound hits the highs

December 11, 2013

Current trend

The British Pound continues to strengthen against the USD, following comment of the chairman of the Bank of England Mark Carney that British economy has potential for steady growth in Future.  The pair GBP/USD has already reached two-year highs at the level of 1.6465; however further upward movement can be difficult. The British currency will need strong macro-economic momentum that will trigger the rise in GBP/USD rate above this strong resistance level.

In the afternoon, attention shall be focused on the speech of the member of Monetary Policy Committee Martin Weale that can provide a required growth driver to the Pound.

Support and resistance

Resistance levels are the local highs of 1.6465 and 1.6570. Support levels: 1.6400 and 1.6365.

Trading tips

In the medium-term it is advisable to place short positions within corrective movement from resistance level of 1.6465 with the target of 1.6365.

Vadim Smarzh

Analyst of LiteForex Group of Companies

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