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Forex: GBP/USD up ahead of UK trade balance

By FXstreet.com,  April 12, 2012, 02:53:00 AM EDT

FXstreet.com (Barcelona) - The sterling is printing fresh session highs in the 1.5935 region ahead of the trade balance figures in the UK due later on. Prior surveys expect the deficit to widen to £ -7.7 billion in February from £ -7.5 in the previous month.
Late weakness in the greenback plus no signs of further easing in the near term from the BoE were bolstering the pound as of late, trading in multi-day highs as of writing.

At the moment the cross is advancing 0.08% at 1.5930
Next resistance levels are located at 1.6027 (Upper Bollinger) ahead of 1.6063 (high Apr.2) then 1.6095 (high Nov.14) and 1.6119 (high Nov.9).
A drop beyond 1.5893 (MA21d) would open the door to 1.5828 (MA55d) then 1.5808 (low Apr.10) and 1.5801 (low Mar.26).




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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