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13 Apr 2015
GBP/USD bulls committed to defend downside
FXStreet (Guatemala) - GBP/USD is currently trading at 1.4673 with a high of 1.4682 and a low of and a low of 1.4564.
GBP/USD is taking back higher ground on the 1.46 handle, covering shorts on profit taking mode since last week's close of business where the greenback took up first poll once again. This week brings Tomorrow’s release of UK Mar CPI that is expected to remain at zero y/y. Analysts at Rabobank explained that there is, of course, a risk that inflation will tip into negative territory and so provide the UK headline writers with even more fodder. "The lack of evidence of deflationary behaviour in the UK should offer some protection to sterling. That said, in the coming weeks the influence of politics can be expected to increase."
Technically, we have support coming in at the psychologically important 1.4600, as noted by Camilla Sutton, chief currency strategist at Scotiabank who sights resistance at 1.4635 followed by 1.4713. Through there and in a continuation to the upside through 1.4720 as confirmation, this could be a sign that we are potentially heading back in to a side ways consolidation action through 1.4800.
GBP/USD is taking back higher ground on the 1.46 handle, covering shorts on profit taking mode since last week's close of business where the greenback took up first poll once again. This week brings Tomorrow’s release of UK Mar CPI that is expected to remain at zero y/y. Analysts at Rabobank explained that there is, of course, a risk that inflation will tip into negative territory and so provide the UK headline writers with even more fodder. "The lack of evidence of deflationary behaviour in the UK should offer some protection to sterling. That said, in the coming weeks the influence of politics can be expected to increase."
Technically, we have support coming in at the psychologically important 1.4600, as noted by Camilla Sutton, chief currency strategist at Scotiabank who sights resistance at 1.4635 followed by 1.4713. Through there and in a continuation to the upside through 1.4720 as confirmation, this could be a sign that we are potentially heading back in to a side ways consolidation action through 1.4800.