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9/7/2009 - FX Recommends GBPUSD Analysis

Discussion in 'Major Currency Pairs' started by fx-recommends, Jul 9, 2009.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    The Cable has dropped below 1.61 again yesterday as it could not hold above 1.62 level which has become more vulnerable after the dovish breaking of it in the beginning of this week but the cable could find buyers at 1.5975 to push it above 1.60 psychological level again but the cable major support level is still at 1.58 while the upward way can face an intermediate resistance to stand above 1.6325 then a difficulty to break 1.644. The British pound is actually under pressure this week from the market expectations of further easing steps of the quantitive easing policy of BOE to be taken today which can contain further buying of the governmental bonds and effect negatively on the demand for the British pound and the falling of May UK Manufacturing productions which were expected to be up by .1% m/m by .5% and the drop of UK Industrial productions which were expected to be up by .2% m/m by .6% have exacerbated its position by today's MPC meeting by god's will.

    Best wishes

    FX Consultant
    Walid Salah El Din
    E-Mail: mail@fx-recommends.com

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