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3 Apr 2013
Forex: GBP/USD stabilizes around 1.5140/50
FXstreet.com (Barcelona) - The sterling is now consolidating today’s gains in the area of 1.5140/50, after disappointing US ADP result lifted the demand for risk-associated assets. Recall that market participants were expecting the US private sector to add 200K jobs in March, instead of the 158k released.
In light of tomorrow’s BoE monetary policy meeting, FX Strategist at RBS, Melinda Burguess, suggested, “Market pricing was little changed last week compared to the previous week. An unchanged decision this week and no statement should see little impact but we expect that the BoE may end up with little choice but to ease policy further”.
As of writing, GBP/USD is gaining 0.25% at 1.5142 with the next resistance at 1.5168 (MA10d) followed by 1.5178 (low Apr.1) and finally 1.5259 (hourly high Apr.2).
On the flip side, a breach of 1.5026 (low Mar.20) would bring the psychological level of 1.5000 and then 1.4965 (low Mr.7).
In light of tomorrow’s BoE monetary policy meeting, FX Strategist at RBS, Melinda Burguess, suggested, “Market pricing was little changed last week compared to the previous week. An unchanged decision this week and no statement should see little impact but we expect that the BoE may end up with little choice but to ease policy further”.
As of writing, GBP/USD is gaining 0.25% at 1.5142 with the next resistance at 1.5168 (MA10d) followed by 1.5178 (low Apr.1) and finally 1.5259 (hourly high Apr.2).
On the flip side, a breach of 1.5026 (low Mar.20) would bring the psychological level of 1.5000 and then 1.4965 (low Mr.7).