Forex: GBP/USD – Pair retraces to 1.5578/81

on Jun 7, 2013

The pound extended its gains in yesterday’s American session, hitting 1.5685, after the dollar was again weakened, this time by soft jobless claims data.

In today’s European trade so far, traders appear to be awaiting major data in the US Nonfarm Payrolls update due at 13:30 BST.
The pair has continued to trade around its Asian quotes, but below the 1.56 barrier.
UK data scheduled for release at 09:30 BST today includes Consumer Inflation Expectations in the first quarter of 2013 and the UK trade balance April update.

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The technical short trend is indicating strongly bearish signals, with the quote falling to 1.5578, resuming yesterday’s highs.
The US dollar remains weak, while sterling has received strong support this week, indicating expectations of economic growth.
Yesterday, the Bank of England left interest rates unchanged at a record low 0.5 percent and kept the size of its asset purchase program unchanged at £375 billion.


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GBP Forex