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Forex: GBP/USD accelerating the downside

FXstreet.com (Barcelona) - The sterling continues its march south on Tuesday, quickly leaving behind the 1.5200 support and trading in weekly lows around 1.5150.

“The underlying economy remains in a precarious state, with weak external demand, domestic deleveraging and overshooting inflation combining to weigh on real output. For 2013 as a whole we look for GDP growth of 0.7% which would be the fifth year in six where GDP growth has been just 1% or lower”, explained Analyst Ross Walker at RBS.

At the moment, the cross is losing 0.50% at 1.5154 with the next support at 1.5112 (low Mar.28) and then 1.5098 (MA21d).
On the flip side, a breakout of 1.5242 (high Apr.1) would expose 1.5260 (hourly high Mar.250 and then 1.5280 (high Mar.25).

Italian '10 wise men' to seek way out of deadlock

Italian president Giorgio Napolitano will hold meetings today with a group of advisers comprised of center-right and center-left politicians, the president of the constitutional court and a central bank official, in an attempt to break the political stalemate into which the country has sunk after the inconclusive general elections in February.
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