Back
25 Apr 2013
Forex: GBP/USD in session highs
FXstreet.com (Barcelona) - The pound continues to linger around the upper end of today’s range at 1.5445/50, after the upbeat UK GDP figures during the first quarter gave some oxygen to the cross.
In the opinion of Christopher Vechhio, Currency Analyst at DailyFX, “The data comes as a big wave of relief for the more recently criticized government, under attack for its severe austerity policies that have led to the longest peacetime recession since the 1920s... In the near-term, the British Pound looks to regain some more of its losses against the Euro and the US Dollar as the likelihood of more QE from the Bank of England is diminished and Gilt yields recover”.
At the moment, the cross is gaining 1.14% at 1.5445 with the next resistance at 1.5452 (high Feb.20) followed by 1.5544 (high Feb.14) and then 1.5550 (high Feb.15).
On the flip side, a breakdown of 1.5270 (MA21d) would open the door to 1.5265 (hourly lows Apr.25) en route to 1.5227 (low Apr.24).
In the opinion of Christopher Vechhio, Currency Analyst at DailyFX, “The data comes as a big wave of relief for the more recently criticized government, under attack for its severe austerity policies that have led to the longest peacetime recession since the 1920s... In the near-term, the British Pound looks to regain some more of its losses against the Euro and the US Dollar as the likelihood of more QE from the Bank of England is diminished and Gilt yields recover”.
At the moment, the cross is gaining 1.14% at 1.5445 with the next resistance at 1.5452 (high Feb.20) followed by 1.5544 (high Feb.14) and then 1.5550 (high Feb.15).
On the flip side, a breakdown of 1.5270 (MA21d) would open the door to 1.5265 (hourly lows Apr.25) en route to 1.5227 (low Apr.24).