GBP/USD back to 1.5950 The GBP/USD is now fading the bull run to the vicinity of the psychological limestone at 1.6000 post-BoE’s QIR on Wednesday. GBP/USD keeps the positive ground The pair revived after upbeat results from the UK labour market showed the jobless rate ticking lower to 7.6% in September, in line with a 41.7K drop in the claimant count change. Furthermore, BoE’s M.Carney revised the central bank’s forecast to reach the 7% threshold of the unemployment rate by Q3 2015 instead of late 2016 and expects the UK economic activity to expand 0.9% inter-quarter in Q4. “While below 1.6075, bias is to look for lower levels. However, the 1.56/1.57 area might prove a big pivot point for GBP/USD going forward in the long term outlook so bear that in mind”, noted analysts at RBS. GBP/USD levels to watch As of writing the pair is up 0.30% at 1.5956 and a breakout of 1.6051 (MA30d) would bring 1.6105 (high Nov.8) and then 1.6115 (high Nov.7). On the downside, the initial support aligns at 1.5854 (low Nov.12) ahead of 1.5844 (50% of 1.5427-1.6260) and finally 1.5776 (low Sep12).
Posted on: Wed, 13 Nov 2013 11:50:40 +0000
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