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10 Apr 2013
Forex: GBP/USD eases to 1.5305/10
FXstreet.com (Barcelona) - After hitting fresh intraday highs above 1.5340, the pound is now giving away those gains and is back to the negative territory, printing session lows in the boundaries of 1.5310.
Jane Foley, Strategist at Rabobank commented that the recent upbeat data from the UK fundamentals should not deceive investors into thinking that the British economy will definitely avoid a triple dip recession. “The risk of further, potentially aggressive monetary policy easing is still on the table in the UK and, on the back of that, the upside potential for sterling is likely to remain shallow… For now the break above the daily cloud base at 1.5293 and the 50 day sma at 1.5052 should offer cable decent support”, remarked Foley.
GBP/USD is now losing 0.10% at 1.5307 and a drop below 1.5251 (low Apr.9) would expose 1.5239 (low Apr.8) and finally 1.5208 (MA10d).
On the flip side, resistance levels are located at 1.5352 (high Apr.8) followed by 1.5364 (high Apr.5) and then 1.5426 (38.2% of Jan-Mar fall).
Jane Foley, Strategist at Rabobank commented that the recent upbeat data from the UK fundamentals should not deceive investors into thinking that the British economy will definitely avoid a triple dip recession. “The risk of further, potentially aggressive monetary policy easing is still on the table in the UK and, on the back of that, the upside potential for sterling is likely to remain shallow… For now the break above the daily cloud base at 1.5293 and the 50 day sma at 1.5052 should offer cable decent support”, remarked Foley.
GBP/USD is now losing 0.10% at 1.5307 and a drop below 1.5251 (low Apr.9) would expose 1.5239 (low Apr.8) and finally 1.5208 (MA10d).
On the flip side, resistance levels are located at 1.5352 (high Apr.8) followed by 1.5364 (high Apr.5) and then 1.5426 (38.2% of Jan-Mar fall).