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2 Apr 2013
Forex: GBP/USD accelerating the downside
FXstreet.com (Barcelona) - The sterling continues its march south on Tuesday, quickly leaving behind the 1.5200 support and trading in weekly lows around 1.5150.
“The underlying economy remains in a precarious state, with weak external demand, domestic deleveraging and overshooting inflation combining to weigh on real output. For 2013 as a whole we look for GDP growth of 0.7% which would be the fifth year in six where GDP growth has been just 1% or lower”, explained Analyst Ross Walker at RBS.
At the moment, the cross is losing 0.50% at 1.5154 with the next support at 1.5112 (low Mar.28) and then 1.5098 (MA21d).
On the flip side, a breakout of 1.5242 (high Apr.1) would expose 1.5260 (hourly high Mar.250 and then 1.5280 (high Mar.25).
“The underlying economy remains in a precarious state, with weak external demand, domestic deleveraging and overshooting inflation combining to weigh on real output. For 2013 as a whole we look for GDP growth of 0.7% which would be the fifth year in six where GDP growth has been just 1% or lower”, explained Analyst Ross Walker at RBS.
At the moment, the cross is losing 0.50% at 1.5154 with the next support at 1.5112 (low Mar.28) and then 1.5098 (MA21d).
On the flip side, a breakout of 1.5242 (high Apr.1) would expose 1.5260 (hourly high Mar.250 and then 1.5280 (high Mar.25).