Forex: GBP/USD climbs to daily high during Draghi speech
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - GBPUSD has climbed to post a high at 1.6150 during the ECB policy statement this afternoon.
Commentary from ECB President Mario Draghi, espousing the benefits of OMT is stabilising the market and limiting downside risk, caused price to bounce almost 50 pips. Elsewhere Draghi highlighted that he expects EZ growth to remain under pressure and maintained the banks median term aim of 2% inflation. He reconfirmed that he saw the Euro as irreversible, that OMTs are strictly within the ECB's legal mandate and that transactions would not take place while any reform programme was under review.
Technically, Bijoy Kar of MIG Bank believes that the pair is moving in a long term range and that should spot break above 1.6142, the next level of resistance can be found at 1.6187. Elsewhere stocks are mixed to lower whilst US futures are up. Commodities are broadly higher whilst critical yields remain stable.
Commentary from ECB President Mario Draghi, espousing the benefits of OMT is stabilising the market and limiting downside risk, caused price to bounce almost 50 pips. Elsewhere Draghi highlighted that he expects EZ growth to remain under pressure and maintained the banks median term aim of 2% inflation. He reconfirmed that he saw the Euro as irreversible, that OMTs are strictly within the ECB's legal mandate and that transactions would not take place while any reform programme was under review.
Technically, Bijoy Kar of MIG Bank believes that the pair is moving in a long term range and that should spot break above 1.6142, the next level of resistance can be found at 1.6187. Elsewhere stocks are mixed to lower whilst US futures are up. Commodities are broadly higher whilst critical yields remain stable.
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