OctaFX | OctaFX Forex Broker
Open trading account

Forex: GBP/USD pushing higher above 1.5250

FXstreet.com (Barcelona) - GBP/USD is last at 1.5278, near session highs, up +0.32% for the week so far, ahead of later on UK prelim GDP figure, amid broad debate on whether the UK will go through a triple dip recession, or not. The pair has been capped so far for the week below Monday's highs at 1.53 round, also 61.8% Fibo retrace of latest leg down from Friday's highs at 1.5370.

According to David Song, Currency Analyst at DailyFX: “we may see the GBPUSD make another run at the 1.5400 figure as the economic docket is expected to show the U.K. skirting a triple-dip recession,” David says, adding: “Indeed, the growth rate is expected to expand 0.1% in the first quarter after contracting 0.3% during the last three-months of 2012, and a positive development may increase the appeal of the British Pound as it dampens speculation for additional monetary support,” he suggests.

Immediate resistance to the upside for GBP/USD shows at mentioned weekly Monday's highs 1.5300, followed by April 18 highs at 1.5313, and Friday's/April 05 highs at 1.5364/74. To the downside, closest support lies at April 16 lows 1.5267, followed by April 08 lows at 1.5237, and Tuesday's weekly lows at 1.5195.

Forex Flash: EUR/USD vs EU sovereign spreads, a regime shift taking place - Nomura

The price action this week - sharp compression in sovereign spreads (in both Italy and Spain) but at the same time a clear move lower in EURUSD - is an example of a regime shift taking place, says Nomura.
Read more Previous

Forex: USD/JPY consolidation continues as BoJ rate decision nears

The USD/JPY traded in a very narrow range today, closing up 16 pips at 99.52. Market participants seem to be on edge with the pair approaching the psychological level of 100, and the Bank of Japan rate decisions approaches (due out on April 25th at 23:30GMT).
Read more Next
Start livechat