Interbank exchange rates for most currency today.
gbp
Posts Tagged ‘gbp’
Today’s GBPUSD play would highly depend on the preliminary quarterly GDP reports today. If this news come in trumps we might see a market reaction pushing for yesterday’s high and possibly 1.6600 mark. But any negative report should set the tone for a possible 1.6330 again.
LONDON: Is it all that began well ends well? If this is true, GBPUSD may yet have a lot to do to prove this statement today. On Frankfurt open at 0600, the cable, GBPUSD rose mildly to 1.6326 from 1.6290 having traded lower from Friday’s session on Asian overnight trades.
Today could be call “the day the wheel fell off” on cable, GBPUSD as it took one step forward and three strides back in its trading activities today on economic reports. Is this the true state of our economy?
What a difference a day makes. Isn’t it ironic that yesterday we were talking about the 1.6560 levels for a possible further up trend? Well as always, events outside the marketplace seem to always have a way of buffetting market setups in the wrong direction.
GBPUSD is powering ahead today from yesterday’s low of 1.6204 and is now testing strong resistance of 1.6560.
That is what seem so imminent on the cable GBPUSD, front at the moment. The announcement of further interest rates cut last week to 0.5% (a-315-year low) was the first sign of the Bank of England’s MPC willingness to start printing money. They made no secret about this except that they can’t really say if this bold step will work.
Euro Sterling, EURGBP achieved parity this week before receding back slightly. How long the pullback holds remains to be seen. However, at a time you would expect the pounds to track the euro after recent lows we are seeing further slides and lower-lows. What is the root cause?
London: Interest rates cut is expected today. There’s a general concensus that the Bank of England would do this to ease the cost of borrowing in their midday announcement. How far are they willing to go?
Cable GBPUSD, gave up its three trading sessions of continuous rise for the bottom again. After hitting a six-year low of 1.5363 last week the pair have been trading well into the 1.6671 before the turnaround again intotrading the troubled zone. How long will this vacillation continue before stability?