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The surprising drop in the number of unemployed persons in the UK sent the unemployment rate down to 7.1%, close to the 7.0% level at which the Bank of England says it would consider raising interest rates. The GBP USD reacted with gains against the USD, pushing the currency above the Resistance of 1.6450 of the Daily Chart´s Range (Support 1,6300). With the prospect of widening of the interest rate differential in favour of sterling, the currency could gain significant ground in 2014.
Short-term, the pair could rise to reach 1.6800 in the next few days, taking out a Past Resistance level of 1,6744 of 28th of April, 2011. It would also come close to another Resistance level of 1,6877 formed on November 16, 2009.
Entry on this trade can take place on the 4H Chart which has just given a Bullish Engulfing Candlestick Formation signal to indicate the continuation of the breakout.
Entry - 1,6622
Stop - 1.6552
Limit - 1,6822
If this order is triggered, the target could be reached by the end of the week or Tuesday of the coming week.
Short-term, the pair could rise to reach 1.6800 in the next few days, taking out a Past Resistance level of 1,6744 of 28th of April, 2011. It would also come close to another Resistance level of 1,6877 formed on November 16, 2009.
Entry on this trade can take place on the 4H Chart which has just given a Bullish Engulfing Candlestick Formation signal to indicate the continuation of the breakout.
Entry - 1,6622
Stop - 1.6552
Limit - 1,6822
If this order is triggered, the target could be reached by the end of the week or Tuesday of the coming week.
