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3 May 2013
Forex: GBP/USD eyes 1.5560 after PMI
FXstreet.com (Barcelona) - The sterling is following the better risk-on tone prevailing in the markets and is gathering pace against the greenback, pushing the cross to the vicinity of 1.5560 on Friday. The UK final figures for the Services PMI surprised investors rising to 52.9 vs. the median and previous print at 52.4, adding extra support to the upside.
In light of the BoE MPC gathering next week, analysts at TD Securities commented “At the May BoE decision we expect asset purchases to be kept on hold at £375bn, as the BoE is still watching the FLS program and hoping to see a positive impact. However, while we have seen an improvement in banks’ intentions, we still haven’t seen any noticeable impact in credit flow”.
As of writing, the cross is advancing 0.09% at 1.5549 and a break above of 1.5591 (high May 2) would bring 1.5607 (high May 1) and finally 1.5690 (high Feb.13).
On the flip side, support levels are located at 1.5518 (low May 3) followed by 1.5496 (low May 2) and then 1.5467 (low Apr.30).
In light of the BoE MPC gathering next week, analysts at TD Securities commented “At the May BoE decision we expect asset purchases to be kept on hold at £375bn, as the BoE is still watching the FLS program and hoping to see a positive impact. However, while we have seen an improvement in banks’ intentions, we still haven’t seen any noticeable impact in credit flow”.
As of writing, the cross is advancing 0.09% at 1.5549 and a break above of 1.5591 (high May 2) would bring 1.5607 (high May 1) and finally 1.5690 (high Feb.13).
On the flip side, support levels are located at 1.5518 (low May 3) followed by 1.5496 (low May 2) and then 1.5467 (low Apr.30).