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GBP/USD: Bulls targeting September’s highs at 1.6259

The GBP/USD kick started the week on positive footing with the bulls pushing the market above the highs from the Friday shooting star. As the BoE sees price growth holding above the 2% target over the next two years, it looks like the central bank is moving away from its easing cycle, reinforcing the bullish outlook for the sterling. At 1.6205 at the moment of writing it looks like the bulls continue to be in full control and we could see the market testing September’s highs at 1.6268 soon. We do expect some choppy price action on the way up but as long as support at 1.6022 remains intact, there seems to be no reason for the bulls to worry. As the market currently looks like it is breaking out, the upside penetration of 1.6268 could open the door to the 1.70 area. Any movement on the downside could be seen as a buying opportunity as long as the market remains well supported above 1.6022. Onto the main topics of today, November’s UK Consumer Price Index report headlines the economic calendar in European trading hours.

Dafni Serdari
Market Analyst
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