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9 Apr 2013
Forex: GBP/USD in highs above 1.5300
FXstreet.com (Barcelona) - Upbeat data from the UK industrial sector is currently bolstering this correction higher in the sterling, rapidly leaving behind the key resistance at 1.5300 on Tuesday.
David Song, Currency Analyst at DailyFX, commented, “As the Monetary Policy Committee refrains from releasing a policy statement, the BoE Minutes due out on April 17 are expected to show another 6-3 split. We may see a growing number of central bank officials adopt a more neutral to hawkish tone for monetary policy as they anticipate a slow but sustainable recovery in the U.K”.
As of writing, GBP/USD is gaining 0.40% at 1.5316 and a surpass of 1.5364 (high Apr.5) would then target 1.5426 (38.2% of Jan-Mar decline) en route to 1.5452 (high Feb.20).
On the flip side, support levels are located at 1.5204 (MA10d) ahead of 1.5199 (low Apr.5) and finally 1.5137 (MA21d).
David Song, Currency Analyst at DailyFX, commented, “As the Monetary Policy Committee refrains from releasing a policy statement, the BoE Minutes due out on April 17 are expected to show another 6-3 split. We may see a growing number of central bank officials adopt a more neutral to hawkish tone for monetary policy as they anticipate a slow but sustainable recovery in the U.K”.
As of writing, GBP/USD is gaining 0.40% at 1.5316 and a surpass of 1.5364 (high Apr.5) would then target 1.5426 (38.2% of Jan-Mar decline) en route to 1.5452 (high Feb.20).
On the flip side, support levels are located at 1.5204 (MA10d) ahead of 1.5199 (low Apr.5) and finally 1.5137 (MA21d).