GBP/USD Hits Fresh 6-Week Highs at 1.4470, Then Retreats
The GBP/USD
pair kicked-off the week on a stronger footing and went on to hit fresh
six-month highs at 1.4470 in early Asia, before finding fresh offers at
higher levels and now heads closer towards 1.44 handle.
GBP/USD back near 1.4400
The
GBP/USD pair trades 0.16% higher at 1.4428, having struck fresh session
lows at 1.4422 last minutes. The extension of Friday’s rally in the
cable met fresh supply in a calm Asian session, as markets took that as
an excuse to unwind their positions heading into the big week, with FOMC
and BOJ monetary policy decisions likely to have significant impact on
the majors.
However, the GBP/USD pair remains supported amid
latest polls showing anti-Brexit results, while a data-heavy week ahead
keeps the prices in check. The major economic releases this week include
durable goods and advance GDP from the US, while from the UK docket, we
have the prelim GDP report on the cards this week.
GBP/USD Levels to consider
The
pair has an immediate resistance at 1.4470 (6-month highs), above which
1.4500 (psychological levels) would be tested. On the flip side,
support is seen at 1.4400 (round figure) below that at 1.4372/69 (1h 50
& 100-SMA).
