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13 Mar 2013
Forex: GBP/USD keeps the mood above 1.4900
The sterling is resuming its upside after falling to the area of 1.4900/10 on solid results from the US retail sales during February, surpassing expectations and adding buying pressure to the greenback.
However, the sterling is posed to suffer more as the BoE minutes are due next week alongside the UK Budget.
The Swiss bank UBS keeps the bearish outlook on the cross, as confirmed by Strategists G.Yu and G.Berry: “Any upside will be limited and resistance at 1.5015 should hold. Initial support is at 1.4832; a break below would open 1.4687”.
At the moment, the cross is up 0.17% at 1.4924 facing the next hurdle at 1.5015 (MA10d) ahead of 1.5047 (high Mar.8) and then 1.5083 (high Mar.7).
On the flip side, a breakdown of 1.4832 (low Mar.12) would aim for 1.4803 (low Jun.23 2010) and finally 1.4776 (Lower Bollinger).
However, the sterling is posed to suffer more as the BoE minutes are due next week alongside the UK Budget.
The Swiss bank UBS keeps the bearish outlook on the cross, as confirmed by Strategists G.Yu and G.Berry: “Any upside will be limited and resistance at 1.5015 should hold. Initial support is at 1.4832; a break below would open 1.4687”.
At the moment, the cross is up 0.17% at 1.4924 facing the next hurdle at 1.5015 (MA10d) ahead of 1.5047 (high Mar.8) and then 1.5083 (high Mar.7).
On the flip side, a breakdown of 1.4832 (low Mar.12) would aim for 1.4803 (low Jun.23 2010) and finally 1.4776 (Lower Bollinger).