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Forex: GBP/USD retraces from session highs

FXstreet.com (Barcelona) - The sterling is correcting lower after hitting session highs above 1.5140 on Tuesday, pushed higher after UK inflation figures up-ticked during February to 2.8% on a yearly basis.
Markets remain sidelined however, as uncertainties from Cyprus continues to weight on sentiment.

“Recent reports that soon-to-be BoE Governor has had talks with Treasury officials have underpinned speculation that the Chancellor could announce a new mandate for the BoE tomorrow… In this scenario, sterling could be headed for another bout of weakness. Heading into the budget we continue to favour selling sterling on rallies”, assessed Jane Foley, Strategist at Rabobank.

At the moment, the cross is up 0.02% at 1.5111 with the next resistance at 1.5160 (high Mar.18) followed by 1.5177 (high Mar.15) and finally 1.5200 (high Mar.5).
On the flip side, a breach of 1.5072 (low Mar.18) would expose 1.5011 (MA10d) and then 1.4965 (low Mar.7).

Cyprus vote could be rescheduled for Wednesday

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American equity markets recovery Tuesday

The US Stock market experienced a slightly higher opening Tuesday, as investors collect themselves after the initial shock surrounding Cyprus that roiled equities yesterday. Moreover, earlier today in the United States, Housing Starts (MoM) came in at 0.917M in February, beating projections of 0.915M. Finally, Building Permits (MoM) yielded a figure of 0.946M, against estimates of only 0.925M.
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