This week’s release of worse than expected UK GDP report did little to alter the bullish bias which gathered momentum after BoE’s Posen indicated that it may be time to pause further asset purchases few weeks ago. So much so, that even comments from BoE’s Weale who said that the argument for QE is stronger following the GDP report were given little attention. As a result, the pair continued to trend higher and consolidated firmly above the psychologically important 1.6000 level. The pair was also supported by the release of much better than expected UK Nationwide Consumer Confidence report which rose on the back of diminished pessimism about the outlook for the economy and the jobs market. In terms of technical levels, supports are seen at the 10DMA line at 1.6088, followed by 1.6082 and then at 1.6060. On the other hand, resistance levels are seen at 1.6335, 1.6455 and then at 1.6535.
Literatur : Forex.com
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