20 Feb 2015
GBP/USD: Soft, but remains with eyes on 1.54 handle
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5375 with a high of 1.5435 and a low of 1.5342.
GBP/USD is popping up to challenge the 1.54 handle having sunken in early European trade from the 1.5420 territory on very poor retail sales data from the UK economy.
Meanwhile, we await the next Eurogroup meeting, and risks there lie with continued uncertainty with a deal not being struck again with the Germans having already expressed their dissatisfaction with what may be proposed formally by Greece in respect to the conditions of an extension to the bailout. Technically, as expressed by Karen Jones, chief analyst at Commerzbank, "The Elliott wave count on the daily is suggesting this should already be the end of the correction however the market looks bid."
Fundamentally, the pound is strong on its own right. Valeria Bednarik, chief analyst at FXStreet explained, "Despite dollar and yen appreciation on their safe-haven status, the UK economic situation seems to have stabilized, and latest macro figures confirm so...When it comes to GDP, the UK economy had its strongest annual growth in 7 years in 2014 although the Q4 readings expanded by a weaker than expected rate of 0.5%. But during 2014, the economy grew by 2.6%, the best annual ready since the crisis started."
GBP/USD is popping up to challenge the 1.54 handle having sunken in early European trade from the 1.5420 territory on very poor retail sales data from the UK economy.
Meanwhile, we await the next Eurogroup meeting, and risks there lie with continued uncertainty with a deal not being struck again with the Germans having already expressed their dissatisfaction with what may be proposed formally by Greece in respect to the conditions of an extension to the bailout. Technically, as expressed by Karen Jones, chief analyst at Commerzbank, "The Elliott wave count on the daily is suggesting this should already be the end of the correction however the market looks bid."
Fundamentally, the pound is strong on its own right. Valeria Bednarik, chief analyst at FXStreet explained, "Despite dollar and yen appreciation on their safe-haven status, the UK economic situation seems to have stabilized, and latest macro figures confirm so...When it comes to GDP, the UK economy had its strongest annual growth in 7 years in 2014 although the Q4 readings expanded by a weaker than expected rate of 0.5%. But during 2014, the economy grew by 2.6%, the best annual ready since the crisis started."