GBP/USD is consolidating gains after approaching 2.0050 in the wake of poor US housing data. Some of the 8.4% decline in March closing is blamed on bad winter weather. GBP/USD is badly lagging EUR/USD as the single currency came within a few pips of its high for the recent rally.
In contrast, cable stalled more than 80 pips below its highs from last Wednesday. A larger than expected drop in the CBI orders index and a deep pullback in export orders helped prompt GBP underperformance. Bids are eyed at 2.0015/20 and 1.9990/85 on dips near-term. Resistance comes in at 2.0050/60.
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