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30 Apr 2013
Forex: GBP/USD below 1.5500 ahead of UK data
FXstreet.com (Barcelona) - The sterling is posting marginal losses on Tuesday, trading below the key mark at 1.5500 ahead of a batch of data for the British economy: Consumer Credit, M4 Money Supply, Mortgage Approvals and Net Lending to Individuals.
“We have been talking about sterling's potential toward $1.56 for several weeks. Although it has been frustrating, the move above $1.5425 and the new two-month highs seen before the weekend, boost credence in our constructive sterling outlook”, commented the analysts at BBH.
As of writing, the cross is losing 0.06% at 1.5490 with the next support at 1.5476 (low Apr.29) ahead of 1.5418 (low Apr.26) and then 1.5334 (MA10d).
On the flip side, a breakout of 1.5544 (high Feb.14) would open the door to 1.5547 (high Apr.29) and finally 1.5550 (high Feb.15).
“We have been talking about sterling's potential toward $1.56 for several weeks. Although it has been frustrating, the move above $1.5425 and the new two-month highs seen before the weekend, boost credence in our constructive sterling outlook”, commented the analysts at BBH.
As of writing, the cross is losing 0.06% at 1.5490 with the next support at 1.5476 (low Apr.29) ahead of 1.5418 (low Apr.26) and then 1.5334 (MA10d).
On the flip side, a breakout of 1.5544 (high Feb.14) would open the door to 1.5547 (high Apr.29) and finally 1.5550 (high Feb.15).