Forex: GBP/USD hits 1.6700; Royal wedding gift - Forex todays has tell us that GBP/USD will hit 1.6700 its because everyon buying for royal wedding gift
Yes, it’s true - high-profile weddings aren’t typically what drive market prices, but how convenient is it for the Brits to celebrate the union of Prince William and Miss Kate Middleton in two days time while simultaneously watching their currency hit levels not seen since November 2009?
When paired against its American counterpart, the Sterling has advanced more than 70 pips from 1.6625, its starting price for the day. The Asian session began with very little pullback for the GBP/USD, and bulls have since been slowly pushing the pair higher into record levels.
“Pound started the European morning in a strong note as encouraging GDP readings send Pound higher, breaking above the daily descendant trend line coming from 1.6600,” comments Valeria Bednarik, Chief Analyst at FXstreet.com. “Consolidating at daily highs, hourly indicators are losing momentum as per extreme overbought readings, yet price action suggest the correction may already be complete: an acceleration above current 1.6635 high, should then signal al approach to the 1.6720 price zone.”
At the time of writing the GBP/USD has advanced to 1.6702 and is now resting just below the 1.6700 level. Red-velvet cupcakes, anyone?
source: fxstreet.com
