Forex: GBP/USD uptrend capped at 1.5845, back to 1.5800

After breaking the 1.5800 level, the Cable was trying to extend gains above November low at 1.5829, but pair failed at 1.5845 where the GBP/USD was rejected and launched to prices around the 1.5800.

Currently the pair is trading at 1.5810, 0.60% positive on the day. "A push above 1.58 will neutralize recent bearish price structure," points FXstreet.com Analysts Ani Salama and Mauricio Carrillo. "Otherwise a return back below 1.5625 keeps the 1.55 handle in sight."

Support levels: 1.5765 1.5700 1.5625. Resistance levels 1.5800 1.5845 1.5875.

Feb 8, 2013

Forex Flash: RBA leaves door open for future rate cuts – NAB

The RBA’s quarterly statement on Monetary Policy (SMP) cut its near term inflation and growth forecasts leaving the door open for rate cuts ahead. Our read of the Statement is that it was on the dovish side.  On the outlook for the economy, the RBA’s assessment is that growth will be a little below trend in the near term (2.5% over the year to June 2013) before rising gradually over the next year or so.

Forex: EUR/USD consolidates below 1.3400

The single currency is extending its intraday decline on Friday, navigating in a congestion pattern in the area around weekly lows at 1.3365/75...