GBP/USD Attempting Break Above 1.45
GBP/USD turned positive and is now attempting to break above 1.45 handle after BOE’s quarterly bulletin informed markets about UK economy’s resilience to China slowdown.
Increased odds of a third straight weekly gain
The spot is now at least 100 pips above its weekly opening price and appears poised for third straight weekly gain. The pair turned positive after BOE said the impact of China slowdown on the UK economy is far less than what markets believe.
Furthermore, the greenback is once again being offered although profit taking may return again heading into the weekend. The pair may also take cues from Fed speak – William Dudley and Rosengren – due later today.
GBP/USD Technical Levels
A convincing break above 1.45 would expose major resistance at 1.4533 (50% of 1.5230-1.3835) and 1.4578 (Feb 10 high). On the other hand, a breakdown of immediate support at 1.4436 (Mar 11 high) would expose 1.44 and 1.4350 (61.8% of 1.4669-1.3835).
(Market News Provided by FXstreet)
