GBP/USD has been mostly about the Dollar on Monday, although some modest good news out of the UK is likely still helping.
Recent commentary from the Federal Reserve has left markets pretty sure that this year will see borrowing costs fall, possibly quite substantially.
The overall picture of the UK as an economy recovering modestly from a mild recession is not exactly spectacular but, as so often of late, at least more upbeat than initial forecasts.trading cues are likely to center around Tuesday’s release of heavyweight durable goods order numbers out of the US, but there is some UK interest this week, on Thursday when final fourth-quarter
Bulls seem reluctant to let psychological support at the 1.26 handle go without a fight, and their ability to defend it on a daily closing basis may be key to direction this week. Falls below it would probably put the 1.2520 region in focus, where bearish efforts were stymied back in early-mid February. Failure there would be more serious and bring important retracement support at 1.2510 into play. The market hasn’t been below there since the end of November last year.
The broad trading band between 1.28910 and 1.25010 has been surprisingly resilient and seems likely to endure at least as long as markets believe that UK interest rates will remain higher for longer than those in the US.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
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