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7 Feb 2013
Forex: GBP/USD stabilizes above the 1.5700 level
The GBP/USD has continued it’s easing Thursday off of the previously recorded session highs at 1.5771 earlier today. At the onset of American trading, the pair is still clinging to positive territory, stabilized above the 1.5700 level at 1.5713/16 in these moments.
According to the ICN.com Analyst Team, “The GBP/USD sharply rose without stabilizing above the 1.5765 levels and subsequently moved back to the downside again. Trading is stable now above the 1.5690 levels, however we hold on to our negative expectations unless the 1.5765 handle were breached; breaking this region might push the pair to test 1.5825 and maybe up to 1.5880 levels.”
The cross has secured an advance of +0.34% above its opening, however should the pair continue it’s decent, the ICN.com analysts isolate the next supports at 1.5690 onto 1.5635, and eventually the strong 1.5600 supportive barrier.
Earlier today in the United Kingdom, the highly anticipated BoE Interest Rate decision was held at 0.5%, in line with expectations. Moreover, the BoE Asset Purchase Facility was reported at £375B, which also met estimates, leaving little room for disappointment.
According to the ICN.com Analyst Team, “The GBP/USD sharply rose without stabilizing above the 1.5765 levels and subsequently moved back to the downside again. Trading is stable now above the 1.5690 levels, however we hold on to our negative expectations unless the 1.5765 handle were breached; breaking this region might push the pair to test 1.5825 and maybe up to 1.5880 levels.”
The cross has secured an advance of +0.34% above its opening, however should the pair continue it’s decent, the ICN.com analysts isolate the next supports at 1.5690 onto 1.5635, and eventually the strong 1.5600 supportive barrier.
Earlier today in the United Kingdom, the highly anticipated BoE Interest Rate decision was held at 0.5%, in line with expectations. Moreover, the BoE Asset Purchase Facility was reported at £375B, which also met estimates, leaving little room for disappointment.