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6 Jun 2013
GBP/USD testing highs around 1.5410/15
FXstreet.com (Barcelona) - The sterling is navigating in the upper end of the weekly range so far, challenging session highs in the area of 1.5410/15.
Big day for the pound as well, as the BoE monthly meeting is due today. Market consensus expects the last meeting of Governor Mervin King to pass unnoticed amongst investors, leaving the repo rate and the Gilt purchases intact at 0.5% and £375 billion, respectively. “When the minutes are released they’ll likely show another 6-3 vote in favour of QE, with King going out on a note of dissention”, added Annette Beacher, FX Strategist at TD Securities.
At the moment, the pair is up 0.04% at 1.5413 with the next hurdle at 1.5471 (low May 8). On the downside, a violation of 1.5285 (MA55d) would open the door to 1.5273 (low Jun.4) and finally 1.5234 (MA21d).
Big day for the pound as well, as the BoE monthly meeting is due today. Market consensus expects the last meeting of Governor Mervin King to pass unnoticed amongst investors, leaving the repo rate and the Gilt purchases intact at 0.5% and £375 billion, respectively. “When the minutes are released they’ll likely show another 6-3 vote in favour of QE, with King going out on a note of dissention”, added Annette Beacher, FX Strategist at TD Securities.
At the moment, the pair is up 0.04% at 1.5413 with the next hurdle at 1.5471 (low May 8). On the downside, a violation of 1.5285 (MA55d) would open the door to 1.5273 (low Jun.4) and finally 1.5234 (MA21d).