1 Aug 2013
GBP/USD intensifies the decline
FXstreet.com (Edinburgh) -The sterling continues its relentless march south on Thursday, dragging the GBP/USD to test fresh 3-week lows in the area of 1.5115/20.
GBP/USD now focus on Inflation Report
Today’s initial gains after the manufacturing PMI surprised investors were quickly eroded after the BoE left intact its monetary policy and postponed any mention of forward guidance and/or the adoption of thresholds to the Inflation Report due on August 7th. According to analysts at RBS, “The RBS forecast remains for an unchanged QE asset purchase target and unchanged Bank Rate during 2013 and 2014”.
GBP/USD levels to watch
The pair is now losing 0.47% at 1.5133 with the next support at 1.5080 (low Jul.17) ahead of 1.5045 (low Jul.16) and finally 1.5028 (low Jul.15). On the other hand, a break above 1.5254 (high Jul.31) would target 1.5300 (psychological level) en route to 1.5318 (MA10d).
GBP/USD now focus on Inflation Report
Today’s initial gains after the manufacturing PMI surprised investors were quickly eroded after the BoE left intact its monetary policy and postponed any mention of forward guidance and/or the adoption of thresholds to the Inflation Report due on August 7th. According to analysts at RBS, “The RBS forecast remains for an unchanged QE asset purchase target and unchanged Bank Rate during 2013 and 2014”.
GBP/USD levels to watch
The pair is now losing 0.47% at 1.5133 with the next support at 1.5080 (low Jul.17) ahead of 1.5045 (low Jul.16) and finally 1.5028 (low Jul.15). On the other hand, a break above 1.5254 (high Jul.31) would target 1.5300 (psychological level) en route to 1.5318 (MA10d).