GBP/USD Challenges Highs Near 1.4460
The sterling is now retesting the area of daily highs vs. the greenback, sending GBP/USD to the 1.4450/60 band.
GBP/USD attention to UK releases, BoE
The
pair is now gathering further traction as the dollar is losing upside
momentum, allowing another visit to the upper end of the range near
1.4460 after dropping as low as the 1.4390/85 band early in the European
morning.
It will be quite an interesting week for the British
pound on the data front, as Industrial/Manufacturing Production figures
are due tomorrow followed by the NIESR GDP Estimate and the BoE MPC
meeting on Thursday. Earlier today, UK’s trade deficit narrowed a tad to
£11.2 billion in March vs. February’s £11.43 billion.
Anyway, GBP
is poised to remain under pressure in light of the UK referendum on
June 23, with latest polls results showing a dwindling gap between the
‘Stay’ and ‘Leave’ vote.
GBP/USD levels to consider
As
of writing the pair is advancing 0.27% at 1.4446 facing the next hurdle
at 1.4770 (high May 3) ahead of 1.4815 (2016 high Jan.4) and finally
1.4836 (200-day sma). On the other hand, a breach of 1.4375 (low May 9)
would expose 1.4369 (100-day sma) and then 1.4298 (low Apr.21).
