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Three-day consolidation gave an upside spike, taking support from the weak dollar after the FOMC meeting. Earlier, USD was teasing pairs with EUR and GBP. Both the currencies moved to 20Dsma against USD at the yesterday's session after the Federal Reserve's statement. But currencies were unable to close above 20Dsma. Compared to the euro, the pound looks stronger. Traders are willing to buy the pound on dips, but not the euro. Wednesday was a busy calendar day in the UK. UK's finance minister George Osborne presented the final full-year budget of the UK parliament. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure. Prices are trading in a bearish channel. The UK unemployment rate remains at 5.7% comparing the estimates for the three months ending January 2015 and those for August to October 2014; employment continued rising and unemployment continued falling. But a growth in average earnings took a back foot in January comparing the three months ending January 2015 with the same period in the previous year, pay including bonuses increased by 1.8% in Great Britain and payment excluding bonuses added 1.6%. However, it remains below expectations and previous figure 2.1%.
The pound is trading higher against the US dollar at the Asian session today. Traders eye on unemployment data from the US and Philly Fed manufacturing data. In case positive readings is printed again, the cable is likely to go back towards 1.4850, 1.4750, and 1.4700. If economic data from the US do not meet the expectations, more spike is likely to develope towards 1.5165 and 1.5185. The UK election remains the main concern. Intraday support is seen at 1.4938 and 1.4850. We recommend selling below 1.4930 with targets at 1.4860, 1.4800, and 1.4770. Bears are back on a track below 1.4740 and panic will be triggered below 1.4630. We recommend buying above 1.5030 with targets at 1.5135, 1.5165, and 1.5180.
Trade: Buying above 1.5030
Selling below 1.4930 , risky tarders use sl 1.5010 sell.
To contact the author of this story, please email- joseph.wind@analytics.instaforex.com
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