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Trading news
14 Feb 2013
Forex: GBP/USD bounces from 1.5492 low
Downside pressure on the GBP/USD sent it to prices below the 1.5500 handle on the London opening, reaching as low as 1.5492. However, support around the psychological level is still working and triggered a bouncing movement back to 1.5510/20 area and is now attempting to retrace all losses.
The UK has nothing to show in the economic calendar today, but the Eurozone is being "attacked" by worse than expected flash GDP Q4 data. The Italian figure came in at -0.9% (QoQ), below -0.6% consensus, widening the annualized recession from -2.4% to -2.7%.
"Possible hesitation at 1.5500 handle would be expected on oversold 1/4h conditions, with corrective rallies seen limited at 1.5630 zone", wrote Windsor Brokers analyst Slobodan Drvenica.
The UK has nothing to show in the economic calendar today, but the Eurozone is being "attacked" by worse than expected flash GDP Q4 data. The Italian figure came in at -0.9% (QoQ), below -0.6% consensus, widening the annualized recession from -2.4% to -2.7%.
"Possible hesitation at 1.5500 handle would be expected on oversold 1/4h conditions, with corrective rallies seen limited at 1.5630 zone", wrote Windsor Brokers analyst Slobodan Drvenica.