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10 Sep 2013
GBP/USD unstoppable around 1.5740
FXstreet.com (Edinburgh) -The sterling continues its relentless march north on Tuesday, pushing the GBP/USD to the boundaries of 1.5740, pips away of June peaks just beyond 1.5750.
GBP/USD focus on jobs data
Next on tap in the UK economy will be tomorrow’s ILO unemployment rate, which have grown in importance since BoE’s Carney adopted a 7.0% threshold to start considering a rate hike. Market consensus expects the jobless rate to remain unchanged at 7.8% in the three months ended in July while the Claimant count would drop by 22K in August. “While above the 1.5541 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD relevant levels
The pair is up 0.27% at 1.5737 facing the next hurdle at 1.5753 (high Jun.17) followed by 1.5782 (61.8% of 1.6380-1.4814). On the flip side, a breakdown of 1.5603 (low Sep.9) would target 1.5787 (MA10d) en route to 1.5564 (low Sep.6).
GBP/USD focus on jobs data
Next on tap in the UK economy will be tomorrow’s ILO unemployment rate, which have grown in importance since BoE’s Carney adopted a 7.0% threshold to start considering a rate hike. Market consensus expects the jobless rate to remain unchanged at 7.8% in the three months ended in July while the Claimant count would drop by 22K in August. “While above the 1.5541 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD relevant levels
The pair is up 0.27% at 1.5737 facing the next hurdle at 1.5753 (high Jun.17) followed by 1.5782 (61.8% of 1.6380-1.4814). On the flip side, a breakdown of 1.5603 (low Sep.9) would target 1.5787 (MA10d) en route to 1.5564 (low Sep.6).