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27 Nov 2013
GBP/USD consolidates above 1.6200
FXstreet.com (Edinburgh) - The sterling remains buoyant on Wednesday, taking the GBP/USD to consolidate the recent ascent trough 1.6200 the figure ahead of UK data.
GBP/USD firmer ahead of data
Very interesting calendar today for the pound, as the preliminary GDP figures and the CBI Survey results are due later. Prior surveys expect the British economy to have expanded 0.8% inter-quarter in Q3 and 1.5% on a yearly basis, and the Distributive Trades Survey by CBI to have improved to 8 MoM in November from October’s 2. Paul Robson, Senior FX Strategist at RBS,, suggested, “The Short-term charts are showing signs of exhaustion, however, so we might see a fall off this resistance area again short term. Still, while the dips lower do not break below 1.6100/50 support then the risk of a move higher remains intact”.
GBP/USD levels to consider
As of writing the pair is up 0.07% at 1.6223 and a surpass of 1.6241 (high Nov.25) would expose 1.6248 (high Oct.25) and then 1.6258 (high Oct.23). On the flip side, the initial support aligns at 1.6198 (low Nov.27) followed by 1.6154 (MA10d) and finally 1.6138 (low Nov.26).
GBP/USD firmer ahead of data
Very interesting calendar today for the pound, as the preliminary GDP figures and the CBI Survey results are due later. Prior surveys expect the British economy to have expanded 0.8% inter-quarter in Q3 and 1.5% on a yearly basis, and the Distributive Trades Survey by CBI to have improved to 8 MoM in November from October’s 2. Paul Robson, Senior FX Strategist at RBS,, suggested, “The Short-term charts are showing signs of exhaustion, however, so we might see a fall off this resistance area again short term. Still, while the dips lower do not break below 1.6100/50 support then the risk of a move higher remains intact”.
GBP/USD levels to consider
As of writing the pair is up 0.07% at 1.6223 and a surpass of 1.6241 (high Nov.25) would expose 1.6248 (high Oct.25) and then 1.6258 (high Oct.23). On the flip side, the initial support aligns at 1.6198 (low Nov.27) followed by 1.6154 (MA10d) and finally 1.6138 (low Nov.26).