Forex: GBP/USD in lows ahead of BoE minutes
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GBP/USD
FXstreet.com (Barcelona) - The sterling is extending its downside on Wednesday, posting fresh session lows around 1.5820 ahead of the BoE minutes due later.
The negative momentum is still surrounding the pound, after yesterday's dovish comments by Governor M.King, saying that the UK recovery is slower than in another countries and the central bank could incur in more stimulus if needed, even a rate cut. In the same tone, he stressed that a weaker GBP would help the economy.
Apart from the BoE minutes, the unemployment rate is also due, expected to remain at 7.8% followed by a speech by PM David Cameron.
The cross is now losing 0.11% at 1.5821 facing the next support at 1.5807 (2013 low Jan.21) ahead of 1.5804 (Lower Bollinger) and then 1.5778 (low Ago.31).
On the flip side, a breakout of 1.5893 (high Jan.21) would expose 1.5907 (MA200d) and 1.5978 (MA10d).
The negative momentum is still surrounding the pound, after yesterday's dovish comments by Governor M.King, saying that the UK recovery is slower than in another countries and the central bank could incur in more stimulus if needed, even a rate cut. In the same tone, he stressed that a weaker GBP would help the economy.
Apart from the BoE minutes, the unemployment rate is also due, expected to remain at 7.8% followed by a speech by PM David Cameron.
The cross is now losing 0.11% at 1.5821 facing the next support at 1.5807 (2013 low Jan.21) ahead of 1.5804 (Lower Bollinger) and then 1.5778 (low Ago.31).
On the flip side, a breakout of 1.5893 (high Jan.21) would expose 1.5907 (MA200d) and 1.5978 (MA10d).
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