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GBP/USD extends the recovery to 1.6070

FXStreet (Edinburgh) - The sterling is now gathering pace vs. the greenback, pushing GBP/USD back to the 1.6065/70 band.

GBP/USD supported at 1.6010

Buyers seem to have turned up around the 1.6010 region, lifting spot to regain the mid-1.6000s and beyond. In the only risk event for the pound today, the BoE minutes showed a repeated 7-2 voting pattern in favour of leaving the repo rate unchanged at 0.5%; regarding the asset purchase facility, the Committee’s vote was unanimous to keep it at current £375 billion. In the data front, the next test for GBP will be tomorrow’s release of the Retail Sales for the month of September (2.8% YoY exp.).

GBP/USD levels to watch

The pair is now losing 0.28% ay 1.6064 with the immediate support at 1.6012 (hourly low Oct.22) followed by 1.5940 (low Oct.16) and finally 1.5875 (low Oct.15). On the flip side, a break above 1.6130 (hourly high Oct.22) would target 1.6181 (30-d MA) and then 1.6186 (high Oct.21).

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