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25 Feb 2014
GBP/USD through 1.6700
FXStreet (Edinburgh) - The pound quickly picked up pace and pushed the GBP/USD beyond the 1.6700 handle on Tuesday, posting fresh weekly highs at the same time.
GBP/USD up on McCafferty comments
The pair climbed to the 1.6700 area soon after MPC member Ian McCafferty suggested the likeliness of an earlier rate hike in the UK economy if inflation pressure picks up pace again. After the brief spike, the pair now remains hovering over 1.6700 the figure and keeping the bullish bias. Adding to the sentiment, BBA Mortgage Approvals increased to 50K in January, exceeding previous estimates (47.9K) and previous print (47.1K). Next on tap will be the CBI Distributive Trades Survey, expected to rise to 15 MoM in February.
GBP/USD levels to consider
The pair is now advancing 0.23% at 1.6695 facing the next resistance at 1.6700 (high Feb.20) ahead of 1.6734 (high Feb.19) and finally 1.6741 (high Feb.18). On the downside, a break below 1.6610 (low Feb.21) would open the door to 1.6594 (low Feb.13) and then 1.6500 (psychological level).
GBP/USD up on McCafferty comments
The pair climbed to the 1.6700 area soon after MPC member Ian McCafferty suggested the likeliness of an earlier rate hike in the UK economy if inflation pressure picks up pace again. After the brief spike, the pair now remains hovering over 1.6700 the figure and keeping the bullish bias. Adding to the sentiment, BBA Mortgage Approvals increased to 50K in January, exceeding previous estimates (47.9K) and previous print (47.1K). Next on tap will be the CBI Distributive Trades Survey, expected to rise to 15 MoM in February.
GBP/USD levels to consider
The pair is now advancing 0.23% at 1.6695 facing the next resistance at 1.6700 (high Feb.20) ahead of 1.6734 (high Feb.19) and finally 1.6741 (high Feb.18). On the downside, a break below 1.6610 (low Feb.21) would open the door to 1.6594 (low Feb.13) and then 1.6500 (psychological level).