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21 Apr 2015
GBP/USD capped by 1.4900
FXStreet (Edinburgh) - The recovery in the sterling seems to have run out of legs near 1.4900 the figure vs. the dollar, with GBP/USD now easing to the 1.4880 area.
GBP/USD in a narrow range
The pair is following the negative broader trend in the rest of the risk-associated assets, navigating within a narrow intraday range between 1.4860 and levels just above the 1.4900 handle.
With the USD dynamics as the main catalyst during the first half of the week, spot re-visited the mid-1.4800s ahead of the BoE minutes due tomorrow and UK’s Retail Sales on Thursday. In addition, the pound is poised to come under renewed pressure as markets enter into the last two weeks before the UK elections.
GBP/USD relevant levels
At the moment the pair is retreating 0.19% at 1.4877 and a breakdown of 1.4857 (low Apr.21) would target 1.4813 (low Apr.16) en route to 1.4798 (200-h MA). On the flip side, the initial hurdle aligns at 1.4912 (high Apr.21) followed by 1.4982 (high Apr.20) and then 1.5053 (high Apr.17).
GBP/USD in a narrow range
The pair is following the negative broader trend in the rest of the risk-associated assets, navigating within a narrow intraday range between 1.4860 and levels just above the 1.4900 handle.
With the USD dynamics as the main catalyst during the first half of the week, spot re-visited the mid-1.4800s ahead of the BoE minutes due tomorrow and UK’s Retail Sales on Thursday. In addition, the pound is poised to come under renewed pressure as markets enter into the last two weeks before the UK elections.
GBP/USD relevant levels
At the moment the pair is retreating 0.19% at 1.4877 and a breakdown of 1.4857 (low Apr.21) would target 1.4813 (low Apr.16) en route to 1.4798 (200-h MA). On the flip side, the initial hurdle aligns at 1.4912 (high Apr.21) followed by 1.4982 (high Apr.20) and then 1.5053 (high Apr.17).