Sterling again below 1.51 handle

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Tuesday, Mar 10 2015

Since there were no major data releases from the U.K today markets are more focused on future developments in the pair. Sterling erased all of the yesterday's gains, as USD continues to be supported by strong NFP reading and speculations on soon rate hike. On the other hand, U.K is heading towards elections in May that could shake markets significantly.

That is because of the risk of Britain leaving the European Union under the Conservatives. The Conservative Party, under pressure from the anti-EU UK Independence Party, has promised a referendum on EU membership within two years if they win. At the same time, the Scottish National Party, the party that campaigned to split Scotland from the United Kingdom, is seen making inroads and may enter a coalition with the centre-left Labour, keeping alive the prospect of a break-up.

Sterling fell this morning and is currently being traded around 1.5050 area. Pair is likely to find support around 1.50 and resistance above 1.5130 level. Later today, in the US session JOLTS Job Openings figures are scheduled for a release.

More in this category: « French Industrial Production increased by 0.4% Job openings at 5.0 million in January »

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