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25 Apr 2013
Forex: GBP/USD breached 1.5300 ahead of UK GDP
FXstreet.com (Barcelona) - The sterling is trading in sub 1.5300 levels on Thursday, ahead of the UK GDP figures for the first quarter due later.
“We may see the GBPUSD make another run at the 1.5400 figure as the economic docket is expected to show the U.K. skirting a triple-dip recession… As the Bank of England (BoE) extends the Funding for Lending Scheme, it seems as though the central bank will keep its asset purchase program capped at GBP 375B, and we may see the Monetary Policy Committee start to discuss a tentative exit strategy later this year as they see a slow but sustainable recovery in Britain”, assessed David Song. Currency Analyst at DailyFX.
At the moment, the cross is up 0.15% at 1.5293 with the next resistance at 1.5370 (high Apr.17) followed by 1.5386 (high Apr.15) and then 1.5409 (high Apr.12).
On the flip side, a breakdown of 1.5227 (hourly low Apr.24) would expose 1.5200 (March low) and then 1.5190 (38.2% of 1.4832-1.5412).
“We may see the GBPUSD make another run at the 1.5400 figure as the economic docket is expected to show the U.K. skirting a triple-dip recession… As the Bank of England (BoE) extends the Funding for Lending Scheme, it seems as though the central bank will keep its asset purchase program capped at GBP 375B, and we may see the Monetary Policy Committee start to discuss a tentative exit strategy later this year as they see a slow but sustainable recovery in Britain”, assessed David Song. Currency Analyst at DailyFX.
At the moment, the cross is up 0.15% at 1.5293 with the next resistance at 1.5370 (high Apr.17) followed by 1.5386 (high Apr.15) and then 1.5409 (high Apr.12).
On the flip side, a breakdown of 1.5227 (hourly low Apr.24) would expose 1.5200 (March low) and then 1.5190 (38.2% of 1.4832-1.5412).