Trade currency pair GBP / USD which has been going on this week (October 12 to 17) indicates the occurrence of a significant strengthening of sterling against the U.S. Dollar. After opening in the range of 1.5846 in early trading week, as a result of the closure of Sterling trade has risen sharply around 506 points or about 3.19% against the U.S. dollar and closed at 1.6352 range.
As for the trade in this week (October 19 to 24), normal range trading GBP / USD per week is expected to have a support level at 1.5906 and the range of resistance level at 1.6598 range.
Market participants expressed quite optimistic that the UK will soon be out of the recession in the third quarter. And estimated an emergency monetary policy in the form of asset purchase program can be delayed temporarily.
The movement of the currency pair is expected to be influenced by several economic data releases include are: Rightmove HPI m / m, Public Sector Net Borrowing, BOE Speak Gov. King, CBI Industrial Order Expectations, Retail Sales m / m, preliminary GDP q / q.
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