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Forex: GBP/USD testing highs around 1.5315/20

FXstreet.com (Barcelona) - The sterling keeps the buying interest after the positive data from the UK industrial and manufacturing sector on Tuesday, picking up pace from the proximity of 1.5260 to the current area of 1.5315/20.

Analyst Richard Driver at Caxton FX commented, “This widening UK trade deficit will likely be a drag on Q1 growth, though not to the same extent as in Q4 2012. Clearly, sterling’s depreciation in Q1 isn’t boosting demand for UK exports as the BoE would wish. This morning’s data doesn’t change our expectations of a QE top-up next month”.

At the moment, the cross is advancing 0.42% at 1.5319 facing the next hurdle at 1.5364 (high Apr.5) followed by 1.5426 (38.2% of Jan-Mar decline) en route to 1.5452 (high Feb.20).
On the flip side, a dip below 1.5204 (MA10d) would aim for 1.5199 (low Apr.5) and finally 1.5137 (MA21d).

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