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

Publication source
LiteForex information  LiteForex reviews

January 23, 2017
Can Supreme Court Ruling Help GBPUSD Remain Bullish ?
Tomorrow, Tuesday 24 January, around 09:30 GMT, the UK Supreme Court will release the Brexit lawsuit Ruling, on whether the UK Prime Minister Theresa May will need the UK parliament’s approval to invoke Article 50 of the Lisbon Treaty, to leave the EU...
January 20, 2017
Cautious EURUSD Ahead of ECB Press Conference
USD, and the US government bond yields, surged last night following Fed president Janet Yellen’s speech to the Commonwealth Club in San Francisco...
January 19, 2017
Is equilibrium out of reach?
Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern...

FOREX.com Rating
OctaFX Rating
XM Rating
Grand Capital Rating
Vantage FX Rating
FXCM Rating

Banc De Binary Rating
Anyoption Rating
Migesco Rating
24option Rating
OptionTrade Rating
GTOptions Rating