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22 Apr 2016
GBP/USD tested highs near 1.4450… and deflated
The British pound has taken advantage of a sudden bout of dollar weakness and has pushed GBP/USD to the boundaries of 1.4460, or 3-week tops.
GBP/USD boosted by EUR/GBP selling
Today’s upside in Cable has been sustained by an increasing weakness in EUR/GBP, which has briefly tested 4-week troughs in sub-0.7800 levels, and fresh highs in GBP/JPY in response to rising selling bias in the Japanese currency.
Nothing scheduled event-wise in the UK, while Markit’s manufacturing PMI has come in on the soft side in April, retreating to 50.8, the lowest level since September 2009.
GBP/USD levels to consider
As of writing the pair is up 0.59% at 1.4407 and a breakout of 1.4450 (high Apr.22) would open the door to 1.4460 (high Mar.30) and finally 1.4517 (high Mar.18). On the other hand, the immediate support aligns at 1.4254 (20-day sma) ahead of 1.4092 (38.2% Fibo of 1.3833-1.4517) and then 1.4004 (low Apr.6).
GBP/USD boosted by EUR/GBP selling
Today’s upside in Cable has been sustained by an increasing weakness in EUR/GBP, which has briefly tested 4-week troughs in sub-0.7800 levels, and fresh highs in GBP/JPY in response to rising selling bias in the Japanese currency.
Nothing scheduled event-wise in the UK, while Markit’s manufacturing PMI has come in on the soft side in April, retreating to 50.8, the lowest level since September 2009.
GBP/USD levels to consider
As of writing the pair is up 0.59% at 1.4407 and a breakout of 1.4450 (high Apr.22) would open the door to 1.4460 (high Mar.30) and finally 1.4517 (high Mar.18). On the other hand, the immediate support aligns at 1.4254 (20-day sma) ahead of 1.4092 (38.2% Fibo of 1.3833-1.4517) and then 1.4004 (low Apr.6).