OctaFX | OctaFX Forex Broker
Open trading account

Forex: GBP/USD threatening 1.5600

The sterling is accelerating its descent on Tuesday, now challenging the key support at 1.5600 ahead of UK data.

“BoE is likely to reiterate again that it remains comfortable to tolerate the inflation overshoot to support growth which is seen as negative for the pound while growth remains weak”, argued Analyst Lee Hardman at BTMU, ahed of the BoE’s Letter of Inflation.

GP/USD is now retreating 0.30% at 1.5611 and a brech of 1.5578 (low Aug.10) would aim for 1.5573 (low Aug.8) en route to 1.5547 (low Aug.6).
On the other hand, resistance levels lie at 1.5724 (MA10d) followed by 1.5810 (high Fev.11) and then 1.5845 (high Feb.8).

Forex Flash: UK PPI and CPI wont be market movers – Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the UK releases PPI and CPI data, which won’t have a huge FX impact.
Read more Previous

Forex Flash: FX overnight developments, JPY and EUR in focus – UBS

The USD/JPY broke to even higher ground overnight after Lael Brainard – US Undersecretary of the Treasury said the United States supports Japan's efforts to reinvigorate growth and beat deflation. Investors took the remarks as a green light for Japan's Prime Minister Abe to press ahead with his economic plans, despite the yen weakness these are inducing.
Read more Next
Start livechat