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25 Feb 2013
Forex: GBP/USD struggles to reach 1.5150
After dipping to the area around 1.5070 after agency Moody’s stripped the UK from its AAA status on Friday, the sterling has managed to gather traction overnight and trade back above the key resistance at 1.5100 on Monday.
Events over the past weekend left Chancellor Osbourne affirming that the UK will now intensify its efforts to go back to the recovery path, hinting that further weakness in GBP would be in the pipeline.
At the moment, the cross is up 0.38% at 1.5136 facing the next resistance at 1.5075 (overnight low) followed by 1.5000 (psychological level).
On the upside, a breakout of 1.5235 (2012 lows) would expose 1.5550 (high Feb.15).
Events over the past weekend left Chancellor Osbourne affirming that the UK will now intensify its efforts to go back to the recovery path, hinting that further weakness in GBP would be in the pipeline.
At the moment, the cross is up 0.38% at 1.5136 facing the next resistance at 1.5075 (overnight low) followed by 1.5000 (psychological level).
On the upside, a breakout of 1.5235 (2012 lows) would expose 1.5550 (high Feb.15).