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13 Feb 2013
Forex: GBP/USD steady around 1.5570 after digesting BoE report and King speech
The GBP/USD is highly pressured today after this London morning's BoE Quarterly Inflation Report and Governor Mervyn King's speech. After falling strongly to 1.5534 low, the market is trading steady around 1.5570.
The BoE statement says the UK GDP will stay below pre-crisis level until 2015 and CPI should stay above target for most of the next three years. BoE Governor King believes the UK is set for a less normal recovery and that further monetary stiimulus might only boost market optimism, and not economic growth.
“Although the rebound from 1.5570 low manged to break through 1.5630 resistance, I think, that the downtrend is still intact and my outlook is bearish, for a slide towards 1.5470”, wrote Deltastock.com analyst Stoyan Mihaylov.
The BoE statement says the UK GDP will stay below pre-crisis level until 2015 and CPI should stay above target for most of the next three years. BoE Governor King believes the UK is set for a less normal recovery and that further monetary stiimulus might only boost market optimism, and not economic growth.
“Although the rebound from 1.5570 low manged to break through 1.5630 resistance, I think, that the downtrend is still intact and my outlook is bearish, for a slide towards 1.5470”, wrote Deltastock.com analyst Stoyan Mihaylov.