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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).

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