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12 Mar 2013
Forex: GBP/USD hovering over 1.4900, UK data eyed
The sterling is recovering ground from overnight losses, hovering over the key resistance of 1.4900 ahead of trade balance figures and industrial/manufacturing production in the British economy.
The pound is set to remain under pressure, both by domestic factors – both the Government and the BoE would favour a weak GBP - and via de outperformance of the US economy, strengthening the greenback.
At the moment, GBP/USD is down 0.12% at 1.4898 with the immediate support at 1.4803 (low Jun.23 2010) followed by 1.4798 (Lower Bollinger) and then 1.4688 (low Jun.22 2010).
On the upside, a breakout of 1.5047 (high Mar.8) would expose 1.5063 (MA10d) and finally 1.5083 (high Mar.7).
The pound is set to remain under pressure, both by domestic factors – both the Government and the BoE would favour a weak GBP - and via de outperformance of the US economy, strengthening the greenback.
At the moment, GBP/USD is down 0.12% at 1.4898 with the immediate support at 1.4803 (low Jun.23 2010) followed by 1.4798 (Lower Bollinger) and then 1.4688 (low Jun.22 2010).
On the upside, a breakout of 1.5047 (high Mar.8) would expose 1.5063 (MA10d) and finally 1.5083 (high Mar.7).