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GBP/USD retakes 1.6100

FXStreet (Edinburgh) - The sterling is managing to regain ground beyond the 1.6100 handle on Monday, lifting GBP/USD to the 1.6110/15 band.

GBP/USD following the risk tone

In the same line as its European peer, the pound is clinching to the better tone surrounding the risk trend, retaking 1.6100 the figure after an ephemeral test of 1.6080. In the data front, the Retail Sales Monitor gauged by BRC is due later ahead of the critical inflation figures due tomorrow, with consensus expecting consumer prices in the UK economy to have expanded at an annual pace of 1.4% during September, down from August’s 1.5% advance. “The pair may continue to remain adrift in the near term as outright dollar strength takes a breather although investor jitters remain near the surface”, signalled Emmanuel Ng, FX Strategist at OCBC Bank.

GBP/USD relevant levels

At the moment the pair is up 0.19% at 1.6107 with the immediate resistance at 1.6135 (high Oct.10) ahead of 1.6215 (21-d MA) and finally 1.6226 (high Oct.9). On the downside, a breach of 1.6009 (low Oct.10) would expose 1.5943 (low Oct.6) and then 1.5879 (low Nov.13 2013).

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