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11 Sep 2013
GBP/USD keeps the bids around 1.5770
FXstreet.com (Edinburgh) -The sterling is now receding some ground after the spike to 1.5830 post-UK employment data, driving the GBP/USD to the current 1.5770/75 region.
GBP/USD rally intact
The pair is confirming its bullish momentum, advancing for two straight weeks and printing fresh 7-month peaks around 1.5830 in the wake of UK labour market data above estimates. It is worth noting that the ILO unemployment rate fell to 7.7% in the three months to July, below the median at 7.8%. Ross Walker, Strategist at RBS, commented, “The solid employment trends, augmented by the improving high-frequency surveys, suggests ongoing steady declines in the ILO/LFS unemployment rate and will bolster financial market expectations for the first hike in Bank Rate to come much sooner than the City economist consensus (Q1 2016)”.
GBP/USD critical levels
At the moment the pair is up 0.22% at 1.5768 facing the next hurdle at 1.5827 (high Sep.11) ahead of 1.5845 (high Feb.8) and then 1.5879 (high Feb.1). On the downside, a break below 1.5719 (low Sep.11) would target 1.5686 (low Sep.10) en route to 1.5611 (MA10d).
GBP/USD rally intact
The pair is confirming its bullish momentum, advancing for two straight weeks and printing fresh 7-month peaks around 1.5830 in the wake of UK labour market data above estimates. It is worth noting that the ILO unemployment rate fell to 7.7% in the three months to July, below the median at 7.8%. Ross Walker, Strategist at RBS, commented, “The solid employment trends, augmented by the improving high-frequency surveys, suggests ongoing steady declines in the ILO/LFS unemployment rate and will bolster financial market expectations for the first hike in Bank Rate to come much sooner than the City economist consensus (Q1 2016)”.
GBP/USD critical levels
At the moment the pair is up 0.22% at 1.5768 facing the next hurdle at 1.5827 (high Sep.11) ahead of 1.5845 (high Feb.8) and then 1.5879 (high Feb.1). On the downside, a break below 1.5719 (low Sep.11) would target 1.5686 (low Sep.10) en route to 1.5611 (MA10d).