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Forex: GBP/USD bouncing off 1.5520

FXstreet.com (Barcelona) - The sterling remains trading in a narrow range after the opening bell in London on Monday with upside attempts well contained around 1.5540 and pullbacks finding bids in the vicinity of 1.5520 so far.

In the opinion of Jane Foley, Strategist at Rabobank, “With both the USD and the EUR under pressure, sterling may have an opportunity to perform better this week. There is no BoE policy meeting scheduled until May 9 and we now expect steady policy from the BoE this month, with any more policy moves this year likely to be delayed until after Carney’s July arrival”.

At the moment, the cross is up 0.27% at 1.5531 with the next hurdle at 1.5544 (high Feb.14) ahead of 1.5550 (high Feb.150 and finally 1.5574 (MA100d).
On the downside, a break below 1.5418 (low Apr.26) would open the door to 1.5334 (MA10d) and then 1.5300 (MA21d).

Euro resilience keeps the cross around 1.3100

Finally, Italy was able to crack the political gridlock that has prevailed since late February, and with that, the shared currency has removed a tough obstacle that was hampering further progress...
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Forex Flash: USD/JPY deteriorated picture allows drop to 96.22 and 95.67/55 – Commerzbank

Commerzbank analysts see the USD/JPY picture deteriorated: “The market is starting to react lower, backing away from 99.70/100.00 (recent high, Fibonacci retracement and psychological resistance). This is tough resistance, and dips lower should find support now at 96.22, 95.67/55”, wrote analyst Karen Jones, pointing to key support at trend and cloud support 94.96/43. As long as this hold the downside, “the market will remain capable of targeting 101.27/67 (the 1999 and 2005 lows)”, she continued, adding another target at 105.50 (61.8% retracement of the move down from the 2007 peak).
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