Forex: GBP/USD: Cable rises further to test 1.6800

Reported by FXstreet.com on Monday, 16 November 2009 (on November 16, 2009)

FXstreet.com (Córdoba) – The Sterling is rising across the board on Monday. Against the Dollar is testing a resistance zone at 1.6790/1.6800 and trades at the highest level since last Wednesday. If GBP/USD manages to break above 1.6800 the next resistance lies at 1.6840 (Nov 09 high) and above at 1.6900. To the downside the pair could find support at 1.6725 and below at 1.6685. Currently it trades at 1.6788/92, 0.55% above today’s opening price. The FastBrokers Research Team affirms: “The Cable is perking up this morning as the S&P futures fight to break loose of their psychological 1100 level. The GBP/USD has benefitted from a relatively quiet data wire from Britain since the CCC number beat expectations. However, the news flow will pick up tomorrow with the release of both CPI and RPI data points. Furthermore, the BoE will release its anticipated Inflation Letter.” The Pound is also stronger against the Euro today. EUR/GBP failed to hold above 0.8955 and weakened. The pair is testing a key support at 0.8910/00 and if it falls further Cable could gain momentum. The next support lies at 0.8830 (Sept 10 high). For more information, read our latest forex news.

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