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7 Mar 2013
Forex: GBP/USD prints fresh 2013 lows on more easing fears
Seemingly following a FT article suggesting UK Chancellor George Osborne will give more powers to incoming BoE gov Carney for a looser monetary policy, Cable has broken lower to fresh session and year lows at 1.4970, leaving behind previous Mar 01 lows at 1.0485, lowest since mid 2010, last at 1.4987.
“There isn’t much liquidity at this time of the morning in cable and interbank dealers took advantage of this to trigger stops below 1.4980. Algos have also been busy as they smelt some blood in the air,” said FXWW founder Sean Lee. Cable is down -0.94% from previous Asia-Pacific open yesterday, and -0.34% for the week so far.
As Valeria Bednarik points out, Chief Analyst at Fxstreet.com: “The hourly chart shows downward pressure still strong after a limited upward correction that found sellers in the 1.5050 price zone. In the 4 hours chart technical indicators are giving also selling signals, with 1.4920 now at sight for today,” she suggests.
Support levels are seen by Valeria at: 1.5010, 1.4980 and 1.4940, while resistance levels at: 1.5050, 1.5110 and 1.5160.
“There isn’t much liquidity at this time of the morning in cable and interbank dealers took advantage of this to trigger stops below 1.4980. Algos have also been busy as they smelt some blood in the air,” said FXWW founder Sean Lee. Cable is down -0.94% from previous Asia-Pacific open yesterday, and -0.34% for the week so far.
As Valeria Bednarik points out, Chief Analyst at Fxstreet.com: “The hourly chart shows downward pressure still strong after a limited upward correction that found sellers in the 1.5050 price zone. In the 4 hours chart technical indicators are giving also selling signals, with 1.4920 now at sight for today,” she suggests.
Support levels are seen by Valeria at: 1.5010, 1.4980 and 1.4940, while resistance levels at: 1.5050, 1.5110 and 1.5160.