FXstreet.com (Córdoba) - The pound advanced on Wednesday and reached a nearly 2-week high versus the dollar underpinned by better-than-expected UK employment data and the positive market sentiment. The August UK unemployment rate fell to 7.9% over the last three months period against expectations of no change at 8.1%.
GBP/USD broke above the 1.6150 resistance area and stretched to its highest since Oct 5 at 1.6177 in recent dealings. The pair was last up 0.4% at the 1.6165 area.
From a technical view, Stoyan Mihaylov, analyst at www.deltastock.com, notes that there are no signs of a reversal and the bias continues to be bullish with a break through 1.6150 "initiating a rise towards 1.6308", the analyst say. "Crucial on the downside is 1.6090".
Earlier today the BoE published the minutes of its latest meeting showing that the MPC voted 9-0 to keep QE at GBP375 bn and interest rate at 0.5% in October, as expected. However, some members saw "considerable scope" for more QE, in line with analysts view of further stimulus in November.
GBP/USD broke above the 1.6150 resistance area and stretched to its highest since Oct 5 at 1.6177 in recent dealings. The pair was last up 0.4% at the 1.6165 area.
From a technical view, Stoyan Mihaylov, analyst at www.deltastock.com, notes that there are no signs of a reversal and the bias continues to be bullish with a break through 1.6150 "initiating a rise towards 1.6308", the analyst say. "Crucial on the downside is 1.6090".
Earlier today the BoE published the minutes of its latest meeting showing that the MPC voted 9-0 to keep QE at GBP375 bn and interest rate at 0.5% in October, as expected. However, some members saw "considerable scope" for more QE, in line with analysts view of further stimulus in November.
