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Forex: GBP/USD consolidates above 1.5100

FXstreet.com (Barcelona) - The sterling is keeping the positive ground on Monday, almost isolated from the effects of the post-Cyprus bailout. In addition, outflows from the euro zone after the developments in Cyprus would have found some respite in the sterling.

Against the backdrop of the BoE minutes and the Budged to be released in the upcoming sessions, David Song, Currency Analyst at DailyFX, commented, “We should see the British Pound continue to retrace the decline from the previous month, but the 2013 budget statement may dampen the appeal of the sterling as the push for austerity raises the threat for a triple-dip recession in Britain”.

At the moment, the cross is advancing 0.01% at 1.5113 with the next resistance at 1.5177 (high Mar.15) ahead of 1.5200 (high Mar.5) and then 1.5223 (high Feb.28).
On the downside, a breach of 1.5017 (MA10d) would allow 1.4965 (low Mar.7) and finally 1.4915 (low Mar.14).

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