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4 Apr 2013
Forex: GBP/USD paring losses above 1.5100
FXstreet.com (Barcelona) - Sudden buying interest is lifting the sterling to the area of 1.5130/35 on Thursday as part of the rebound post-BoE decision. Recall that the central bank left the refi rate and the asset purchase programme unchanged today, broadly in line with previous surveys.
“The global recovery is looking a little more uncertain with the latest round of European and US surveys, and will likely keep some MPC members, including Governor King into his last couple of meetings, voting for further easing. But we would probably have to see even more disappointing macro data from here to tip the balance of MPC members over to a majority favouring an extension of QE”, suggested Strategists Richard Kelly and Jacqui Douglas at TD Securities.
As of writing, GBP/USD is flat at 1.5127 with the next support at 1.5026 (low Mar.20) followed by 1.5003 (61.8% of 1.4832-1.5280) and then 1.4965 (low Mar.7).
On the flip side, a breakout of 1.5159 (high Apr.3) would aim for 1.5163 (MA10d) and finally 1.5178 (low Apr.1).
“The global recovery is looking a little more uncertain with the latest round of European and US surveys, and will likely keep some MPC members, including Governor King into his last couple of meetings, voting for further easing. But we would probably have to see even more disappointing macro data from here to tip the balance of MPC members over to a majority favouring an extension of QE”, suggested Strategists Richard Kelly and Jacqui Douglas at TD Securities.
As of writing, GBP/USD is flat at 1.5127 with the next support at 1.5026 (low Mar.20) followed by 1.5003 (61.8% of 1.4832-1.5280) and then 1.4965 (low Mar.7).
On the flip side, a breakout of 1.5159 (high Apr.3) would aim for 1.5163 (MA10d) and finally 1.5178 (low Apr.1).