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May 9, 2013
Forex: GBP/USD rises to session highs at 1.5584/89 after BoE
FXstreet.com (Barcelona) - The GBP/USD managed to turn higher during European trading, following what was otherwise a sideways endeavor during the overnight session, which placed the pair in negative territory. However, the vaunted release of the BoE interest rate decision, coupled with other data has left the pair trending higher and establishing intraday maximums in these moments at 1.5584/89.
Briefing the technicals, according to the Mataf.net analyst team, the GBP/USD will encounter the following short-term resistances at 1.5598, then 1.5655, and finally 1.5719. Conversely, the pair is slated to face support at 1.5477, then 1.5413, and ultimately 1.5356.
In the United Kingdom, the BoE Asset Purchase Faculty reported a figure of £375B, which matched consensus expectations. Moreover, the BoE Interest Rate Decision was held at 0.5%, which was precisely what was projected, offering little surprise to investors.
According to the ICN.com Technical Analyst Team, “We need to see more confirmation signals regarding the pair’s direction, as the upside move requires breaching 1.5590, while the downside move requires stability below 1.5470. Therefore, we remain intraday neutral today waiting for confirmation signals.”
Briefing the technicals, according to the Mataf.net analyst team, the GBP/USD will encounter the following short-term resistances at 1.5598, then 1.5655, and finally 1.5719. Conversely, the pair is slated to face support at 1.5477, then 1.5413, and ultimately 1.5356.
In the United Kingdom, the BoE Asset Purchase Faculty reported a figure of £375B, which matched consensus expectations. Moreover, the BoE Interest Rate Decision was held at 0.5%, which was precisely what was projected, offering little surprise to investors.
According to the ICN.com Technical Analyst Team, “We need to see more confirmation signals regarding the pair’s direction, as the upside move requires breaching 1.5590, while the downside move requires stability below 1.5470. Therefore, we remain intraday neutral today waiting for confirmation signals.”