GBP/USD Advances to Highs Near 1.4450

GBP/USD Advances to Highs Near 1.4450

6 June 2016, 11:10
Roberto Jacobs
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GBP/USD Advances to Highs Near 1.4450

The sterling has left the area of session lows near 1.4350 and is now lifting GBP/USD aback above the 1.4400 handle.

GBP/USD bounces off 1.4350

Spot has regained over a cent since earlier lows in the mid-1.4300s, managing to retake the 1.4400 mark and advance to the 1.4450 area. GBP was sharply lower in early trade after latest poll results in the UK-EU Referendum showed the ‘Leave’ vote was gathering further traction.

Ahead in the session and with market participants almost fully digested Friday’s Payrolls, Chairwoman J.Yellen is due to speak on monetary policy in Philadelphia, grabbing all the attention later in the NA session.

Regarding positioning, GBP speculative net shorts have increased marginally during the week ended on May 31 by 16 contracts to 32851.

GBP/USD levels to consider

As of writing the pair is losing 0.55% at 1.4441 and a breakdown of 1.4352 (low Jun.6) would aim for 1.4330 (low May 16) and finally 1.4088 (low Apr.14). On the flip side, the next hurdle aligns at 1.4512 (20-day sma) followed by 1.4582 (post—NFP high Jun.3) and then 1.4731 (200-day sma).


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