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Forex: GBP/USD remains below 1.5200 on King’s speech

After climbing to levels around 1.5220 overnight, the sterling is now retracing those initial gains, trading back to the area of 1.5180 as BoE’s M.King is on the wires.

King remarked his bleak view of the euro bloc and assessed that the weaker pound reflects the need to rebalance the economy. He added that an inflation target would not hamper the recovery of the British economy.

As of writing, the pair is advancing 0.08% at 1.5175 facing the next hurdle at 1.5199 (high Feb.25) ahead of 1.5330 (high Feb.22) and then 1.5395 (MA10d).
On the downside, a break below 1.5073 (low Feb.25) would open the door to 1.4949 (low Jul.12 2010) and finally 1.4873 (low Jul.1 2010).

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