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GBP/USD update (8th July 2010, 15:45)

Sterling was able to recoup 38.2% of its earlier losses but has faced some stiff resistance near the 1.5170 level.

As expected, the Bank of England today announced that the Official Bank Rate would remain unchanged at 0.5% and there would be additions to the Asset Purchase Facility. Unfortunately, the other economic indicators were not as positive as expected. Manufacturing Production in the UK did improve, but missed expectations by posting a 0.3% growth reading. The Halifax House Price Index was really the burden on the pound though, coming out with a reading of negative 0.6% versus the reading of +0.6% that traders were expecting. Overall though, the technicals still seem to be the play in this pair as the trading channel remains firmly intact. After breaking only slightly over the high levels of the week, sterling once again retreated lower. Resistance still seems steadfast in the zone of 1.5230 to 1.5240. On the support side, the GBP has three times over the last week tested levels near 1.5080 and each time has held firm and then moved higher. If we get a fourth test of this level, it could be the try that determines whether or not the pound will fall back below 1.5000 or if traders should start looking for an upside break of the channel.

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GBP/USD update (8th July 2010, 15:45)

Sterling was able to recoup 38.2% of its earlier losses but has faced some stiff resistance near the 1.5170 level.

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