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11 Sep 2013
GBP/USD soars to 1.5831, 7-month peaks
FXstreet.com (Chicago) - GBP/USD soared to 1.5831, 7-month highs after continuous higher lows registered throughout the American trading session. The pair reached peaks for a small retracement but sustained 0.58% daily gains so far.
Positive data
Earlier in the UK, the Claimant court change for August was -32.6K vs. past -32.3K and expected -22.0K. Average earnings matched projections at 1.0% while average earnings including bonus were 1.1% vs. expected 1.2%. The ILO unemployment rate was 7.7% vs. projected 7.8%. In the US, the Security Council meeting with conclusions is expected.
GBP/USD Technical Levels
Price action reveals a very strong sterling compared to the greenback that struggles to keep up. The pair extends a bullish channel that started last July 9th from 1.4831 lows. The upward trendline remains intact on a steep movement that outruns today’s previous spike. The pair has had a stellar month accumulating 211 pips so far. The pair is offered at 1.5818 and oscillates between supports at 1.5813 (November 13th 2012 lows), 1.5775 (February 8th highs) ahead of 1.5739 (June 20th highs) and resistances at 1.5843 (January 29th highs), 1.5876 (January 27th highs) followed by 1.5912 (October 22nd 2012 lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains trading above the EMA20.
Positive data
Earlier in the UK, the Claimant court change for August was -32.6K vs. past -32.3K and expected -22.0K. Average earnings matched projections at 1.0% while average earnings including bonus were 1.1% vs. expected 1.2%. The ILO unemployment rate was 7.7% vs. projected 7.8%. In the US, the Security Council meeting with conclusions is expected.
GBP/USD Technical Levels
Price action reveals a very strong sterling compared to the greenback that struggles to keep up. The pair extends a bullish channel that started last July 9th from 1.4831 lows. The upward trendline remains intact on a steep movement that outruns today’s previous spike. The pair has had a stellar month accumulating 211 pips so far. The pair is offered at 1.5818 and oscillates between supports at 1.5813 (November 13th 2012 lows), 1.5775 (February 8th highs) ahead of 1.5739 (June 20th highs) and resistances at 1.5843 (January 29th highs), 1.5876 (January 27th highs) followed by 1.5912 (October 22nd 2012 lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains trading above the EMA20.