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6 Mar 2013
Forex: GBP/USD extends losses below 1.5100
The sterling is accelerating its intraday downside on Wednesday below the 1.5100 key mark after positive data from the US ADP Report and Factory Orders boosted the greenback.
The pound would remain under pressure ahead of tomorrow’s BoE monetary policy meeting, as investors continue to price in further easing by the central bank in the near-term. Consensus for a rate cut remains close to zero, however.
At the moment, the cross is testing fresh lows at 1.5058 or losing 0.45% with the immediate support at 1.5000 (low Mar.4) ahead of 1.4985 (2013 low Mar.1) and then 1.4949 (low Jul.12 2010).
On the upside, a breakout of 1.5110 (hourly high Mar.6) would aim for 1.5200 (high Mar.5) and finally 1.5223 (high Feb.28).
The pound would remain under pressure ahead of tomorrow’s BoE monetary policy meeting, as investors continue to price in further easing by the central bank in the near-term. Consensus for a rate cut remains close to zero, however.
At the moment, the cross is testing fresh lows at 1.5058 or losing 0.45% with the immediate support at 1.5000 (low Mar.4) ahead of 1.4985 (2013 low Mar.1) and then 1.4949 (low Jul.12 2010).
On the upside, a breakout of 1.5110 (hourly high Mar.6) would aim for 1.5200 (high Mar.5) and finally 1.5223 (high Feb.28).