18 Jul 2013
GBP/USD retakes 1.5200 on better sales
FXstreet.com (edinburgh) -Positive results from UK retailers during June boosted the sterling, lifting the GBP/USD to levels beyond 1.5200.
GBP/USD remains vulnerable
Despite the decent advance in the UK retail sales, the grim prospect of the UK economy, the accommodative policy from the BoE plus the likeliness of the Fed tapering its QE programme during the upcoming months undermine any upside attempt by the pound. Lee Hardman, Currency Analyst at BTMU commented “It is broadly in line with our expectations that a firm commitment to maintain low rates until mid 2015 or even later will be introduced which will help dampen short to medium-term yields in the UK weighing upon the pound going forward”.
GBP/USD key levels
The pair is now losing 0.14% at 1.5190 with the next support at 1.5158 (low Jul.18) ahead of 1.5080 (low Jul.17) and then 1.5069 (MA10d). On the other hand a surpass of 1.5222 (high Jul.18) would open the door to 1.5270 (high Jul.17) and finally 1.5284 (50% of 1.4832-1.5753).
GBP/USD remains vulnerable
Despite the decent advance in the UK retail sales, the grim prospect of the UK economy, the accommodative policy from the BoE plus the likeliness of the Fed tapering its QE programme during the upcoming months undermine any upside attempt by the pound. Lee Hardman, Currency Analyst at BTMU commented “It is broadly in line with our expectations that a firm commitment to maintain low rates until mid 2015 or even later will be introduced which will help dampen short to medium-term yields in the UK weighing upon the pound going forward”.
GBP/USD key levels
The pair is now losing 0.14% at 1.5190 with the next support at 1.5158 (low Jul.18) ahead of 1.5080 (low Jul.17) and then 1.5069 (MA10d). On the other hand a surpass of 1.5222 (high Jul.18) would open the door to 1.5270 (high Jul.17) and finally 1.5284 (50% of 1.4832-1.5753).