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Forex: GBP/USD bouncing off 1.5420

FXstreet.com (Barcelona) - The pound has found buying interest in the boundaries of 1.5420 on Friday, after selling pressure dragged the cross from session highs around 1.5470.

According to Nick Bate, UK Economist at BofAML, the recent decline in commodity prices and wage growth plus the dovish sound of MPC’s Weale in recent comments would tilt the risks towards further easing by the BoE in its next gathering. However, “In our view, the Q1 GDP data and the expansion of the FLS augment the view that the BoE will leave QE on hold at the May meeting”, Bate concluded.

At the moment, the cross is up 0.19% at 1.5463 and a break above 1.5480 (high Apr.25) would clear the way to 1.5544 (high Feb.14) and finally 1.5550 (high Feb.15).
On the flip side, support levels align at 1.5309 (MA10d) would expose 1.5284 (MA21d) and then 1.5265 (low Apr.25).

Forex: EUR/GBP retests April low at 0.8410

Following yesterday’s rebound of the British Pound that sent the EUR/GBP down to April’s lows, at 0.8410, the market is retesting area that protects the cross from sliding through January prices. It was in January that the EUR/GBP made its rally from 0.8100 area that only ended at 0.8815 high in February. A 700-pip move.
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Forex: AUD/USD remains pressured below 1.0300

Following 2 days of gains, the Australian dollar came back under pressure, weighed by the slide in stocks in risk-off Friday.
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