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20 Feb 2013
Forex: GBP/USD tests 1.5300 for support against more downside
Governor Mervyn King's wishes of more QE at the last MPC meeting wore defeated in a 6-3 vote to keep things as they are, but the British Pound was object of massive selling as this information was released in the BoE meeting minutes.
The GBP/USD is falling from 1.5440 and dropped across the chart to test the 1.5300 handle for support. UK labor data shows a higher ILO unemployment rate from 7.7% to 7.8%. However, there were 12.5K less claimants in January, instead of -5K as expected, pushing the rate lower from 4.8% to 4.7%.
“The downtrend here is still intact, heading for a break through 1.5390, en route to 1.5250 major support area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to 1.5505 intraday high as key resistance.
The GBP/USD is falling from 1.5440 and dropped across the chart to test the 1.5300 handle for support. UK labor data shows a higher ILO unemployment rate from 7.7% to 7.8%. However, there were 12.5K less claimants in January, instead of -5K as expected, pushing the rate lower from 4.8% to 4.7%.
“The downtrend here is still intact, heading for a break through 1.5390, en route to 1.5250 major support area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to 1.5505 intraday high as key resistance.