GBP/USD Extends Rally Towards 1.46, Fresh 11-Week Tops
The bid tone surrounding GBP/USD picked-up significant strength over the past couple of hours, taking the rally way beyond 1.45 handle.
GBP/USD fast approaching 1.46 barrier
The
GBP/USD pair advances 0.60% to 1.4572, having previously posted fresh
eleven-week highs at 1.4579. The cable finally ended the Asian
consolidation box and broke sharply to the upside, finding solid support
from a broadly lower US dollar, as markets rebalance their positions
ahead of the crucial US durables goods data.
Moreover, the bulls
appear to ignore slight downbeat UK mortgage approvals data and waning
support for anti-Brexit, as reflected by the latest ORB polls for the
Telegraph. Focus now remains solely on the US economic news and the
resultant USD moves, which will set the tone ahead of the key FOMC
verdict due tomorrow.
GBP/USD Levels to consider
The
pair has an immediate resistance at 1.4586/80 (daily R2/ Feb 10 High),
above which 1.4652/70 (daily R3/ Feb 4 High) would be tested. On the
flip side, support is seen at 1.4500 (psychological resistance turned
support) below that at 1.4480/70 (daily low & pivot).
