6 Jun 2013
GBP/USD in 4-week highs above 1.5500
FXstreet.com (Barcelona) - The sterling is accelerating its upside on Thursday, currently hovering over 1.5525/30, levels last seen in early May.
It is worth noting that the BoE left its monetary policy unchanged today, matching the market expectations. “Economic activity in the UK remains sluggish, although even with a murky outlook for the recovery we see limited scope for more BoE easing in the near term (even with the transition to the new Governor Mark Carney). The GBP underperformance i n May seems overdone in that context and we look for sterling to recover in the coming months”, assessed the research team at TD Securities.
GBP/USD is now up 0.71% at 1.5515 with the next resistance at 1.5589 (high May 9) ahead of 1.5603 (high May 3) and finally 1.5606 (50% of Jan-Mar decline). On the flip side, a breach of 1.5384 (low Jun.6) would expose 1.5320 (MA30d) and finally 1.5290 (low Jun.5).
It is worth noting that the BoE left its monetary policy unchanged today, matching the market expectations. “Economic activity in the UK remains sluggish, although even with a murky outlook for the recovery we see limited scope for more BoE easing in the near term (even with the transition to the new Governor Mark Carney). The GBP underperformance i n May seems overdone in that context and we look for sterling to recover in the coming months”, assessed the research team at TD Securities.
GBP/USD is now up 0.71% at 1.5515 with the next resistance at 1.5589 (high May 9) ahead of 1.5603 (high May 3) and finally 1.5606 (50% of Jan-Mar decline). On the flip side, a breach of 1.5384 (low Jun.6) would expose 1.5320 (MA30d) and finally 1.5290 (low Jun.5).