Currency Analyst since 2010

GBP/USD: fight above $1.5700

GBP/USD reached yesterday the highest level since the middle of June and closed above $1.5700. British currency used upside momentum and the lack of data on Tuesday to test upside limits.

Today pound declined a bit, but got support at $1.5717 (August high). Don’t miss important UK employment data at 08:30 GMT. Later today, the MPC member Miles will speak at 15:30 GMT – there may be some hints on the Bank of England’s policy decisions. There will be some minor US data out Wednesday, but all eyes will be on US authorities for more concrete direction regarding the Syrian situation.

From the technical point of view, it’s very important whether GBP/USD will manage to end this week above the 200-week MA at $1.5735. Support is at $1.5685, $1.5650, $1.5605. Resistance is at $1.5750, $1.5800, $1.5825.  

Chart. H4 GBP/USD

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