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7 Mar 2013
Forex: GBP/USD spiked 1.5070 after BoE stayed put
The sterling leapfrogged more than 70 pips after the BoE left no room for surprises, leaving intact both the lending benchmark and the asset purchase programme at 0.5% and £375 billion respectively. Markets were biased towards further easing in light of the late weak developments in the UK economy and the dovish tone from the last BoE minutes.
The pair is now losing 0.14% at 1.4996 with the immediate support at 1.4965 (2013 low Mar.7) ahead of 1.4949 (low Jul.12 2010) and then 1.4873 (low Jul.1 2010).
On the flip side, a breakout of 1.5018 (high Mar.7) would expose 1.5110 (high Mar.6) and finally 1.5111 (MA10d).
The pair is now losing 0.14% at 1.4996 with the immediate support at 1.4965 (2013 low Mar.7) ahead of 1.4949 (low Jul.12 2010) and then 1.4873 (low Jul.1 2010).
On the flip side, a breakout of 1.5018 (high Mar.7) would expose 1.5110 (high Mar.6) and finally 1.5111 (MA10d).