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Forex: GBP/USD at 1.5575 despite UK coalition troubles

By FXstreet.com,  August 06, 2012, 10:38:00 AM EDT

FXstreet.com (Barcelona) - Monday's Asian and London session's lower sentiment took its toll on the British Pound, plummeting from 1.5665 (Asian session) high to 1.5546 (London session) low. The current bouncing movement has reached 1.5589 for now, one pip away from the 100-hour moving average.

Meanwhile in the UK, the governing coalition is in trouble as the Liberal Democrat leader Nick Clegg accuses the Conservatives of breaking the coalition contract, leaving now the plans to reform the House of Lords abandoned.

The GBP/USD will continue to edge lower on the day while below 1.5609. "While above 1.5459 we still expect a return to the 1.5738 high, where a lower high may then potentially form", wrote MIG Bank analyst Bijoy Kar, biased to the downside in line with his general view on the US Dollar.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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