GBP/USD Firmer, Advances to 1.4580

GBP/USD Firmer, Advances to 1.4580

7 June 2016, 11:00
Roberto Jacobs
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GBP/USD Firmer, Advances to 1.4580

The sterling is trading on a firm note on Tuesday, now lifting GBP/USD to the area of 1.4580.

GBP/USD up on USD selling

Despite the pair has quickly shrugged off the earlier spike beyond the 1.4600 mark (probably on a ‘fat finger’ case), it remains well supported by sentiment after EU-UK Referendum polls showed the ‘Remain’ vote would be on the lead albeit the gap varies with the polls.

In the meantime, spot is navigating multi-day peaks bolstered by the selling mood around the greenback, in turn sustaining the generalized upbeat momentum in the risk-associated space.

Nothing relevant on the UK’s data front, while USD-dynamics and referendum polls remain poised to drive the pair’s price action in the near term.

GBP/USD levels to consider

As of writing the pair is up 1.00% at 1.4588 and a break above 1.4658 (earlier spike Jun.7) would aim for 1.4727 (200-day sma) and finally 1.4744 (high May 6). On the other hand, the immediate support aligns at 1.4410 (55-day sma) followed by 1.4352 (low Jun.6) and then 1.4330 (low May 16).

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