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10 Feb 2016
GBP/USD: bulls in control; eyes 1.46
The GBP/USD pair took out offers around 1.4540 and pushed higher to a session high of 1.4578 levels, before falling back to 1.4560 levels.
Tracks equity market ahead of Yellen testimony
The spot simply followed the uptick in the European stocks, hence paid little attention to the weaker-than-expected UK manufacturing production data. Moreover, the slowdown in the activity was already well known and priced-in.
The markets now await Yellen testimony. Markets would be interested to see if the Fed’s take on the ongoing financial market turmoil and timing of the next rate hike.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4610 (weekly 5-MA), above which prices could target 1.4668 (Feb 4 high). On the other hand, a break below 1.4529 (23.6% of 1.4079-1.4668) would shift risk in favor of a drop to 1.4435 (daily low).
Tracks equity market ahead of Yellen testimony
The spot simply followed the uptick in the European stocks, hence paid little attention to the weaker-than-expected UK manufacturing production data. Moreover, the slowdown in the activity was already well known and priced-in.
The markets now await Yellen testimony. Markets would be interested to see if the Fed’s take on the ongoing financial market turmoil and timing of the next rate hike.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4610 (weekly 5-MA), above which prices could target 1.4668 (Feb 4 high). On the other hand, a break below 1.4529 (23.6% of 1.4079-1.4668) would shift risk in favor of a drop to 1.4435 (daily low).