Forex: GBP/USD stalls ahead of 1.5300

FXstreet.com (Córdoba) - The British pound extended gains versus the greenback at the beginning of the New York session and climbed over 80 pips within the last hours, underpinned by better risk sentiment.

GBP/USD recovered from a low of 1.5213, but found resistance just a few pips shy from the 1.5300 psychological level. At time of writing, GBP/USD is trading around 1.5280, where it posts a 0.3% daily gain, having hit a high of 1.5297.

As for technical levels, immediate resistance is seen at 1.5300, followed by 1.5370 (Apr 17 high) and 1.5383 (Apr 15 high). On the other hand, below 1.5213 (intraday low) next support could be found at 1.5200 (psychological level/Apr 5 low).

Apr 18, 2013

Forex Flash: USD/CAD in a deeply entrenched bull move – TD Securities

TD Securities analysts consider yesterday’s BoC message as predictable, “sticking with the very weak tightening bias but acknowledging the softer economic trends evident recently and intimating that the eventual hike in rates remains very distant (by pushing the closing of the output gap out another year to mid-2015)”, and seeing overall upside bias on the USD/CAD: “We continue to target a push to 1.06 by the middle of the year. Note that Governor Carney is speaking this morning (very unlikely to reveal any more than yesterday’s press conference). G-20/IMF meetings get underway in Washington (draft communiqué reaffirms pledge to avoid competitive devaluations)”, wrote analysts Shaun Osborne and Greg Moore, allowing corrective pressure to extend a little lower in the near-term to the low 1.02 area, “but we continue to believe that the broader trend here is higher and that modest dips remain a buying opportunity”. “Trend indicators continue to suggest a deeply entrenched bull move”, the concluded.

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Apr 18, 2013

American equity markets continue to slide Thursday

The US stock market continued to decline Thursday, reiterating a negative trend that has equities experiencing a poor week. In the United States, Initial Jobless Claims (April 13) came in at 352K, missing expectations of 350K. In addition, Continuing Jobless Claims (April 6) were reported at 3.068M, against projections calling for 3.075M.

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