GBP USD Advanced to daily highs
8/24/2016 1:41:38 PM
An unexpected wave of buying interest around the Sterling is now pushing GBP/USD to fresh daily highs above the 1.3200 handle. The GBP met extra upside pressure on Wednesday after EUR/GBP broke below 0.8545 and the dollar sustained to shed ground, now falling back to the negative territory when measured by the USD Index. Spot is therefore progressing to levels last seen in early August near 1.3250 helped at the same time by record speculative net shorts in GBP in the week ended on August 16, along with the latest CFTC report. As of writing the pair is progressing 0.25% at 1.3230 facing the next hurdle at 1.3320 followed by 1.3375 and then 1.3480. On the other hand, a breakdown of 1.3110would aim for 1.2965 and ultimately 1.2950.
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