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Forex: GBP/USD upside capped at 1.5150

Sentiment surrounding the sterling remains depressed on Monday as late bearishness coupled with the last news from Moody’s is hampering any attempt of recovery in GBP. The correction higher from Friday’s lows in the area around 1.5070 has stalled in the proximities of 1.5150, as cautiousness prevails amongst traders ahead of the Italian elections.

“Going forward, the case for further sterling weakness remains intact after last week’s minutes from the February Monetary Policy Committee meeting revealed unexpected support for expanding Bank of England asset purchases”, adds Frank Hansen, Senior Economist at Danske Bank.

At the moment, the cross is up 0.40% at 1.5138 facing the next resistance at 1.5330 (high Feb.22) ahead of 1.5393 (MA10d) and finally 1.5452 (high Feb.20).
On the downside, a breach of 1.56073 (hourly low Feb.25) would bring 1.4949 (low Jul.12 2010) en route to 1.4873 (low Jul.1 2010).

Forex Flash: Italian elections scenarios and their impact on the euro - Commerzbank

On Friday, the German ifo index upside surprised underlined that at least the German economy will probably continue to recover, but ECB's announcement that the European banks would only be repaying EUR 61.1B from the second 3-year tender (at the first opportunity to repay funds for the first 3-year tender the banks had repaid EUR 137bn.) sent the EUR/USD below the 1.32 mark.
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Forex: USD/JPY retraces below 94.00

The USD/JPY is giving in to more retracement of early gains, with a high printed at 94.50. The European morning allowed the pair to breach below the 94.00 mark and find a low at 93.67. The pair remains “tall” (+0.44%), given its early rally from 93.36.
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