NASDAQ “Forex: GBP/USD consolidates below 1.5300”
Currencies Direct February 25th 2013 - < 1 minute read
The sterling remains sidelined
below the key resistance at 1.5300 on Friday, as the lack of
direction is prevailing in the global markets so far.
In the view of Alistair Cotton, Senior Analyst at Currencies
Direct, the current levels reflect the worse case scenario for the
pound, but he remarks, “However this is a good thing for the
currency in the medium term because the situation is not as bad as
the market is reflecting and positive data flow, when it comes,
will lift the currency. Furthermore, a lower currency does offer
opportunities for British businesses to expand into new markets as
British goods become cheaper and a recovering UK economy should
keep demand steady at home”.
GBP/USD is now gaining 0.07% at 1.5266 facing the next resistance
at 1.5452 (MA10d) ahead of 1.5544 (high Feb.14) and then 1.5550
(high Feb.15).
On the flip side, a breach of 1.5243 (hourly low Feb.22) would
bring 1.5236 (Lower Bollinger) and finally 1.5130 (low Feb.21).
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