kiriss5678 Posted September 1, 2013 Report Share Posted September 1, 2013 COZforex: The pound was little changed against the dollar on Friday as expectations that the Bank of England may raise interest rates much earlier than it has indicated supported sterling, while ongoing tensions between the US and Syria underpinned the dollar. GBP/USD declined to lows of 1.5461, the lowest since Wednesday before erasing losses to settle at 1.5503, unchanged for the day and ending the week 0.49% lower. COZforex senior currency strategist Ian • Quigley said, GBP/USD is predicted to find support at 1.5480, and a drop through could take it to the next support line of 1.5448. Meanwhile, the pair is predicted to find its first resistance at 1.5546, and a rose through could take it to the next resistance line of 1.5580. The pound remained supported after a speech by BoE Governor Mark Carney on Wednesday dropped short of some market expectations for an attempt to curb expectations of monetary tightening. Carney reiterated the central bank’s forward guidance pledge to leave interest rates on hold at record lows until the UK unemployment rate declines below 7%, something the bank sees as unlikely for another 3 years. Recent improved UK economic data has fuelled expectations that the bank could raise rates before then. The dollar remained supported amid concerns over prospects for a US led military intervention against Syria, following accusations the government used chemical weapons against civilians. The upbeat data reinforced the view that the Federal Reserve could start phasing out stimulus measures as soon as next month. (COZ forex UK) Quote Link to comment Share on other sites More sharing options...
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