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Trading news
17 Apr 2015
GBP/USD might break above 1.5000 on an upbeat UK labour market data – InvestingBetter
FXStreet (Barcelona) - Alpesh Patel of Investing Better, notes that today’s UK labour data is crucial for GBP/USD direction ahead, expecting an improvement in data to lead cable higher above the key 1.5000 barrier, while a soft number would lead the pair to dive towards 1.4800 levels.
Key Quotes
“The Cable reached its previous heights yesterday as it hit the 1.4970 mark lifted by the current Dollar weakness. It has been an impressive rally from the UK currency that remains unfazed by the uncertainty surrounding the domestic political agenda with the upcoming elections only a couple of weeks away.”
“The focus for the day ahead will be on the Cable as the release of the employment data has the potential to keep volatility at high levels. An improvement in the labour market data would allow the Cable to reach and possibly break above the key 1.5000 barrier but we should also be conscious of a potentially weaker report that could send the currency back lower towards the 1.4800 area.”
Key Quotes
“The Cable reached its previous heights yesterday as it hit the 1.4970 mark lifted by the current Dollar weakness. It has been an impressive rally from the UK currency that remains unfazed by the uncertainty surrounding the domestic political agenda with the upcoming elections only a couple of weeks away.”
“The focus for the day ahead will be on the Cable as the release of the employment data has the potential to keep volatility at high levels. An improvement in the labour market data would allow the Cable to reach and possibly break above the key 1.5000 barrier but we should also be conscious of a potentially weaker report that could send the currency back lower towards the 1.4800 area.”