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17 Jul 2013
GBP/USD dips to 1.5150 on Bernanke
FXstreet.com (Barcelona) -The GBP/USD is losing around a big-figure since today’s peaks near 1.5270 as Fed’s Bernanke is holding a Q&A session after his testimony.
GBP/USD testing 1.5150
The greenback is finding support on Bernanke’s words, bouncing off lows and weighting on the pair. Recall that earlier on during the European morning the BoE left intact its monetary policy and the MPC unanimously voted to keep the asset purchase programme at £375 billion, boosting the pound to fresh weekly highs in the boundaries of 1.5270. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “The bigger picture remains however, that the MPC is still likely to remain very accommodative for quite a while and could even pursue alternate stimulus measures going forward. Overall that suggests the GBP should be weighed lower in the months ahead, particularly against the USD”.
GBP/USD levels to watch
As of writing the pair is up 0.15% at 1.5182 facing the next hurdle at 1.5270 (high Jul.17) ahead of 1.5284 (50% of 1.4832-1.5753) and then 1.5305 (high Jul.3). On the downside, a break below 1.5080 (low Jul.17) would target 1.5059 (MA10d) en route to 1.5045 (low Jul.16).
GBP/USD testing 1.5150
The greenback is finding support on Bernanke’s words, bouncing off lows and weighting on the pair. Recall that earlier on during the European morning the BoE left intact its monetary policy and the MPC unanimously voted to keep the asset purchase programme at £375 billion, boosting the pound to fresh weekly highs in the boundaries of 1.5270. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “The bigger picture remains however, that the MPC is still likely to remain very accommodative for quite a while and could even pursue alternate stimulus measures going forward. Overall that suggests the GBP should be weighed lower in the months ahead, particularly against the USD”.
GBP/USD levels to watch
As of writing the pair is up 0.15% at 1.5182 facing the next hurdle at 1.5270 (high Jul.17) ahead of 1.5284 (50% of 1.4832-1.5753) and then 1.5305 (high Jul.3). On the downside, a break below 1.5080 (low Jul.17) would target 1.5059 (MA10d) en route to 1.5045 (low Jul.16).