Back
12 Feb 2014
GBP/USD finds support above 1.6440
FXStreet (Córdoba) - The GBP/USD finished higher on Tuesday, extending upside moved that started on a week ago from levels under 1.6300 and closed at 1.6448. During the European session Cable peaked at 1.6486, fresh February high, but pulled back afterwards finding support above 1.6440.
On Wednesday, the Bank of England will publish the Inflation Report and also MarK Carney will hold a press conference. Tuesday was Yellen’s first public appearance as FED’s new Chairman; his words weakened the US dollar across the board, helping the GBP/USD.
GBP/USD technical outlook
According to Jim Langlands, from FX Charts, the 4-hour charts remain positive and if 1.6485 is overcome, the pair would look for 1.6500. “I don’t think we are going beyond there today, but if wrong, further sellers should arrive at 1.6520 (minor) and then 1.6570 (76.4%)”, added Langlands.
On the downside, he affirmed that 1.6400 looks fairly safe for now. “A break though, would see us head back to 1.6370 where the 100HMA is about to cross above the 200 HMA and should be decent support”, said Langlands.
On Wednesday, the Bank of England will publish the Inflation Report and also MarK Carney will hold a press conference. Tuesday was Yellen’s first public appearance as FED’s new Chairman; his words weakened the US dollar across the board, helping the GBP/USD.
GBP/USD technical outlook
According to Jim Langlands, from FX Charts, the 4-hour charts remain positive and if 1.6485 is overcome, the pair would look for 1.6500. “I don’t think we are going beyond there today, but if wrong, further sellers should arrive at 1.6520 (minor) and then 1.6570 (76.4%)”, added Langlands.
On the downside, he affirmed that 1.6400 looks fairly safe for now. “A break though, would see us head back to 1.6370 where the 100HMA is about to cross above the 200 HMA and should be decent support”, said Langlands.