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14 Feb 2014
Flash: GBP/USD upside intact - Investec
FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, notes the bullishness around the pound could send GBP/USD even higher.
Key Quotes
"We experienced a quieter session yesterday after Wednesday's big moves. US Retail sales came in a little softer than was expected and after some initial dollar selling the market moved back to where it started as 'bad weather' is already being priced into US numbers it seems."
"GBPUSD made a new 2014 high above 1.6650 after the data, before some profit taking, but consolidated overnight above 1.6600 and a strong close to the week could be a catalyst for further upwards momentum. If it does break higher the next key technical level is in the mid 1.67’s and opinion is split about whether the pound can continue to soar higher.Some argue it will retrace back into the range back down towards 1.6260 whilst other analysts have the view that a close in the high 1.66’s this evening will trigger more interest in Sterling buying, which could drive it higher."
Key Quotes
"We experienced a quieter session yesterday after Wednesday's big moves. US Retail sales came in a little softer than was expected and after some initial dollar selling the market moved back to where it started as 'bad weather' is already being priced into US numbers it seems."
"GBPUSD made a new 2014 high above 1.6650 after the data, before some profit taking, but consolidated overnight above 1.6600 and a strong close to the week could be a catalyst for further upwards momentum. If it does break higher the next key technical level is in the mid 1.67’s and opinion is split about whether the pound can continue to soar higher.Some argue it will retrace back into the range back down towards 1.6260 whilst other analysts have the view that a close in the high 1.66’s this evening will trigger more interest in Sterling buying, which could drive it higher."