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13 Sep 2013
GBP/USD rallies to fresh 7-month highs
FXstreet.com (Córdoba) - The GBP/USD extended gains to fresh 7-month highs at the beginning of the American session amid headlines White House has not made decision about Fed Chairman and the rally was further fueled by worse-than-expected US retail sales data.
August retail sales grew 0.2%, missing expectations of a 0.4% increase, weighing on the greenback across the board. GBP/USD broke above yesterday’s peak and rallied to its highest level since early February at 1.5859 in recent dealings. At time of writing, GBP/USD is trading at the 1.5850 zone, 0.3% above its opening price.
GBP/USD technical levels
As for technical levels, GBP/USD could find immediate resistances could be found at 1.5877 (Feb 1 high) and 1.5900 (psychological level), while supports are now seen at 1.5775 (daily low) and 1.5718 (Sep 11 low) and 1.5700 (psychological level).
August retail sales grew 0.2%, missing expectations of a 0.4% increase, weighing on the greenback across the board. GBP/USD broke above yesterday’s peak and rallied to its highest level since early February at 1.5859 in recent dealings. At time of writing, GBP/USD is trading at the 1.5850 zone, 0.3% above its opening price.
GBP/USD technical levels
As for technical levels, GBP/USD could find immediate resistances could be found at 1.5877 (Feb 1 high) and 1.5900 (psychological level), while supports are now seen at 1.5775 (daily low) and 1.5718 (Sep 11 low) and 1.5700 (psychological level).