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14 Nov 2013
GBP/USD extends advances above 1.6050
FXstreet.com (San Francisco) - The Sterling is trading higher today against the US Dollar and after climbing around 75 pips in the European session, the GBP/USD is now testing the 1.6065 following weaker than expected US data.
US jobless data showed more claims in the last week than previously expected. In addition, the unit labor cost declined by 0.6% in the Q3 while productivity rose 1.9%, but not as much as expected. Trade balance exposed a bigger than expected deficit in October.
GBP/USD technicals
Currently the GBP/USD is pricing at 1.6065, 0.23% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart. CCI and momentum indicators are pointing to the north while the stochastic and the MACD are neutral.
According to Mike Paterson from Forexlive, there are sellers orders around 1.6070 1.6085 1.6100 1.6110 1.6120-25. Meanwhile, the GBP/USD could see resistances at 1.6100, 1.6120 and 1.6140. On the downside, the cable would face supports at 1.6000, 1.5965 and 1.5890.
US jobless data showed more claims in the last week than previously expected. In addition, the unit labor cost declined by 0.6% in the Q3 while productivity rose 1.9%, but not as much as expected. Trade balance exposed a bigger than expected deficit in October.
GBP/USD technicals
Currently the GBP/USD is pricing at 1.6065, 0.23% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 1-hour chart. CCI and momentum indicators are pointing to the north while the stochastic and the MACD are neutral.
According to Mike Paterson from Forexlive, there are sellers orders around 1.6070 1.6085 1.6100 1.6110 1.6120-25. Meanwhile, the GBP/USD could see resistances at 1.6100, 1.6120 and 1.6140. On the downside, the cable would face supports at 1.6000, 1.5965 and 1.5890.