U.K. pound lower against the U.S. dollar in FX trading
Even though the U.K. pound is lower against the U.S. dollar in FX trading, it isn’t that much lower. Actually, it appears as thought the sterling has settled into a rather wide range in currency trading. FX Street reports on the range expected of the U.K. pound:
"Initial resistance stands at 1.4683 but real test (triple top and upper limit of current range) comes at 1.4778." Said Peter Rosentreich, analyst at ACM - Advanced Currency Markets. On the downside, he expects crucial levels are 1.4620 (recent low) and more importantly a strong floor at 1.4583.
Even so, the U.S. dollar is heavily favored right now in FX trading – and for good reason. Indicators are that the U.S. economy is improving, while the British economy continues to languish. Until the British economy starts to see some improvement, sterling is likely to remain down in currency trading.
0 comments:
Post a Comment