OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD regains 1.6600

FXStreet (Edinburgh) - The sterling is extending its rebound on Friday, pushing the GBP/USD to the area of 1.6600 the figure.

GBP/USD supported at 1.6580

After testing intraday support around 1.6580, buying interest is now lifting spot to the 1.6600 area amidst better sentiment in the risk-associated universe. Data wise in the UK, Housing Prices gauged by Nationwide rose 11.0% in a year to August and 0.8% inter-month, exceeding both forecasts and previous readings; Total Business investment is due later with consensus expecting a 10.8% gain on a yearly basis during the second quarter. “The current movement seems to indicate that this pair is trying to base out for a stronger rebound but only a clear break above 1.6620 would indicate that a move towards 1.6650 has started. For today, expect a dip towards 1.6560/65 but as long as 1.6530 is intact, this could be followed by another leg higher towards 1.6620”, noted Quek Ser Leang, Market Strategist at UOB Group.

GBP/USD key levels

The pair is up 0.09% at 1.6601 with the next resistance at 1.6615 (high Aug.28) ahead of 1.6680 (high Aug.20) and finally 1.6692 (200-d MA). On the flip side, a breakdown of 1.6568 (low Aug.28) would expose 1.6537 (low Aug.27) and then 1.6460 (low Mar.24).

Spain Current Account Balance increased to €0.517B in June from previous €-0.584B

Read more Previous

European stocks advance, EZ CPI eyed

European stocks advanced in early trade Friday, recovering some of yesterday’s losses, as investors await Eurozone CPI data, which may shed light on the ECB next move.
Read more Next
Start livechat