GBP/USD Price Analysis: Clings to gains near session tops, around 1.3830-35 area
The GBP/USD pair built on its steady intraday positive through the first half of the European session and climbed to fresh daily tops, around the 1.3835 region in the last hour.
The British pound got a minor lift following the release of hotter-than-expected UK consumer inflation figures. On the other hand, the US dollar bulls remained on the defensive amid fading hopes for the Fed taper announcement at the upcoming meeting on September 20-21. The combination of factors assisted the GBP/USD pair to stall the previous day's pullback from the 1.3910-15 area, or the highest level since August 8 touched in reaction to the softer US CPI report. Read more...
GBP/USD analysis: Finds support in 1.3800
The GBP/USD currency exchange rate found support in the 1.3800 level just after GMT midnight to Wednesday. At mid-day the pair was testing and piercing the resistance of the 55, 100 and 200-hour simple moving averages in the 1.3825/1.3840 zone.
If the pair manages to pass the resistance of the SMAs, it could once again test the weekly R1 simple pivot point at 1.3910 level. However, on its way up the GBP/USD might be slowed down by the 1.3900 mark. Read more...
GBP/USD eases from tops, still well bid around 1.3820-25 area
The GBP/USD pair maintained its bid tone through the mid-European session, albeit has retreated few pips from daily tops and was last seen trading around the 1.3820-25 region.
Having shown some resilience below the 1.3800 round figure, the GBP/USD pair attracted some buying on Wednesday and stalled the previous day's sharp pullback from the highest level since August 8. The British pound was underpinned by hotter-than-expected UK consumer inflation figures. This, along with renewed US dollar weakness, provided an additional boost to the major. Read more...
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