GBP/USD Preview
The pound hit the session high against the greenback on Friday after the U.S. Department of Labor said the economy added 114,000 jobs in September, pushing the unemployment rate down to 7.8% from 8.1% the previous month, the lowest level since January 2009.
GBP/USD hit 1.6216 on Friday, the pair’s highest since September 28; the pair subsequently consolidated at 1.6132 by close of trade, down just 0.06% on the week.
Cable is likely to find support at 1.6123, Wednesday’s low and resistance at 1.6216, Friday’s high.
S1: 16170 m
S2: 16150 m
S3: 16100 m
R3: 16401 s
R2: 16309 m
R1: 16216 m
Over time, the US dollar will continue to suffer as the Federal Reserve continues to prime the markets and the value. It’s hard to imagine a scenario where “risk assets” don’t gain in value as the Federal Reserve floods the markets with liquidity. Because of this, we do favor the British pound in general as it is considered to be a “risk” currency and of course the above mentioned Bank of England attitude.
Monday, October 8
Markets in the U.S. are to remain closed for the Columbus Day holiday.
Tuesday, October 9
The U.K. is to publish official data on manufacturing production, a leading indicator of economic health, as well as a report on the country’s trade balance, the difference in value between imports and exports. In addition, the U.K. is to release industry reports on retail sales and house prices.
Wednesday, October 10
In the U.K., Bank of England Governor Mervyn King and several members of the monetary policy committee are to appear before Parliament’s Treasury Committee to testify on inflation and the economic outlook.
Later in the day, the U.S. Federal Reserve is to publish its Beige Book, which outlines current economic conditions.
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Business Development Director – Private Client Group,
Sales@Heffcap.com
Singapore
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Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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