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20 Feb 2013
Forex: GBP/USD clings to 1.5300
The sterling remains unable to gather any traction to leave the bearishness behind, intensified after today’s dovish tone from the BoE minutes and the close voting pattern regarding an increase of the asset purchase programme.
In the opinion of Jacqui Douglas, Senior Global Strategist at TD Securities, the UK releases in the upcoming weeks would be key ahead of the next BoE gathering. “With the foreign data generally looking more supportive, we think that some of the positive tone there should start trickling through to the UK, allowing the BoE to sit back and see how the economy fares on its own for a while, and perhaps work behind the stage on somehow expanding or complementing the FLS program”, concludes the expert.
As of writing, GBP/USD is down 0.82% at 1.5297 facing the next support at 1.5269 (low Jun.1) ahead of 1.5234 (low 2012 Jan.13) and finally 1.5190 (61.8% of 1.4228-1.6747).
On the upside, a break above 1.5452 (hourly high Feb.20) would bring 1.5544 (high Feb.14) and then 1.5550 (high Feb.15).
In the opinion of Jacqui Douglas, Senior Global Strategist at TD Securities, the UK releases in the upcoming weeks would be key ahead of the next BoE gathering. “With the foreign data generally looking more supportive, we think that some of the positive tone there should start trickling through to the UK, allowing the BoE to sit back and see how the economy fares on its own for a while, and perhaps work behind the stage on somehow expanding or complementing the FLS program”, concludes the expert.
As of writing, GBP/USD is down 0.82% at 1.5297 facing the next support at 1.5269 (low Jun.1) ahead of 1.5234 (low 2012 Jan.13) and finally 1.5190 (61.8% of 1.4228-1.6747).
On the upside, a break above 1.5452 (hourly high Feb.20) would bring 1.5544 (high Feb.14) and then 1.5550 (high Feb.15).