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20 Feb 2014

GBP/USD keeps lows near 1.6640

FXStreet (Edinburgh) - The buying interest for the sterling remains subdued on Thursday, keeping the GBP/USD in the lower band of the weekly range near 1.6640.

GBP/USD consolidating below 1.6700

Yesterday’s rebound to the area beyond 1.6720 lacked of conviction and along with a hawkish-ish tone from the FOMC minutes, spot surrendered gains and retraced to the 1.6670/60 region. Today’s initial risk-off trade dragged the pair lower to test fresh lows near 1.6630. in light of the recent labour market numbers in the British economy, Currency Analyst Lee Hardman at BTMU commented, “The underlying trend for the unemployment rate continues to remain lower although there are some signs that the pace of decline may ease ahead supporting the BoE’s view that a pick up in productivity and increasing labour force participation will allow them some time before having to raise rates”.

GBP/USD levels to consider

At the moment the pair is down 0.19% at 1.6652 and a break below 1.6644 (low Feb.14) would target 1.6594 (low Feb.13) ahead of 1.6523 (21-d MA). On the upside, the first barrier aligns at 1.6734 (high Feb.19) followed by 1.6741 (high Feb.18) and finally 1.6823 (2014 high Feb.17).
Feb 20, 2014

Flash: EUR correlated with risk aversion? - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale, observes the risk-of sentiment would not be punishing the EUR anymore...
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Feb 20, 2014

EU's Dijsselbloem sees economic situation improving in the Eurozone

Speaking in Brussels today Eurogroup head Joeren Dijsselbloem pointed to the strong signs of recovery in Ireland, which exited its bailout in December and the progress in Portugal's program, due to end in three months. He also expressed hope that the review of Greece's rescue plan would be wrapped up shortly.
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