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28 Nov 2013
GBP/USD consolidated mid 1.63 handle
FXstreet.com (London) - GBP/USD has kept the ground made on a decisive break above the 1.63 level and trades happily between 1.6330/50 while holiday markets are slow.
A research team at Investec explained it was reported that household spending was the main contributor to growth and this was the catalyst for the pound to finally break out of the range in GBPUSD and head through 1.6300 for the first time since January this year. “The moment it took out the key technical level of 1.6260 it appears market participants couldn’t resist pushing GBPUSD higher as technical levels were wiped out and the pound was left free to roam up to 1.6300”.
GBP/USD Levels
The 20 DMA is 1.6086, the 50 DMA is 1.6085 and the 200 DMA is 1.5528. RSI (14) reads 65.10. Supports are ascending from 1.6190, 1.6220, 1.6241, 1.6258 and 1.6303. Spot is 1.6335 while resistances are 1.6380, 1.6421 and 1.6455.
A research team at Investec explained it was reported that household spending was the main contributor to growth and this was the catalyst for the pound to finally break out of the range in GBPUSD and head through 1.6300 for the first time since January this year. “The moment it took out the key technical level of 1.6260 it appears market participants couldn’t resist pushing GBPUSD higher as technical levels were wiped out and the pound was left free to roam up to 1.6300”.
GBP/USD Levels
The 20 DMA is 1.6086, the 50 DMA is 1.6085 and the 200 DMA is 1.5528. RSI (14) reads 65.10. Supports are ascending from 1.6190, 1.6220, 1.6241, 1.6258 and 1.6303. Spot is 1.6335 while resistances are 1.6380, 1.6421 and 1.6455.