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8 Mar 2013
Forex: GBP/USD upside limited below 1.5050
Today's strength after going as low as 1.4982 during the Asian shift is currently being limited below the 1.5050 line. Risk sentiment is stronger and the market will be focusing on US nonfarm payrolls in February and the labor market overall in the US.
“TD Securities analysts are calling for a slightly higher 175K, essentially on top of the 6m trend”, wrote analyst Alvin Pontoh. “This would be consistent with the encouraging tone in the US data seen during the past few weeks, which has consistently surprised to the upside”, he added.
UK Consumer Inflation Expectations rose from 3.5% to 3.6%.
“The failure of breaking below 1.4965 resulted in a rebound to 1.5080 resistance area and the outlook here remains bearish below the mentioned zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to 1.5200 in case of an eventual break through 1.5080. “Initial intraday support is projected at 1.4965”, he added.
“TD Securities analysts are calling for a slightly higher 175K, essentially on top of the 6m trend”, wrote analyst Alvin Pontoh. “This would be consistent with the encouraging tone in the US data seen during the past few weeks, which has consistently surprised to the upside”, he added.
UK Consumer Inflation Expectations rose from 3.5% to 3.6%.
“The failure of breaking below 1.4965 resulted in a rebound to 1.5080 resistance area and the outlook here remains bearish below the mentioned zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to 1.5200 in case of an eventual break through 1.5080. “Initial intraday support is projected at 1.4965”, he added.