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Forex: GBP/USD bracketed between 1.6120/50; UK data eyed

By FXstreet.com,  May 10, 2012, 12:40:00 AM EDT

FXstreet.com (San Francsico) - The Sterling performed relatively well on Wednesday, falling only 0.10% against the U.S. dollar and rising 0.35% against the EUR.

GBP/USD is trading at 1.6135 at time of writing, bracketed between 1.6120 and 1.6148 so far this Thursday in Asia. Technically speaking, a strong support zone has been created starting at daily price support at 1.6080 and capped by the 50 fib at 1.6058. Resistance is noted at the 1.62 handle.

"Keep in mind that heading into European trading the Bank of England Rate Decision and Asset Purchase Report are due for release," says Christopher Keane, analyst at Keanefx. "Any increase in the asset program should send the pair lower."

UK industrial output is also a noteworthy risk event for GBP in the session ahead, but isn't expected to be a positive (-0.3% m/m expected vs. 0.4%), with the BoE policy statement coming behind.




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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