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Sterling lower in an uneventful Tuesday's session

Tuesday, Mar 17 2015
There were no data releases from the UK today. With that, traders are being more focused on interest rate hike speculations and forthcoming elections as they await for tomorrow's job figures and BoE Meeting Minutes. Bank of England Governor Mark Carney said on Thursday that he was in no hurry to raise interest rates. The recent gains by the pound against the euro can keep inflation low and therefore the BoE can put off rate hikes, he said. Carney’s comments pushed rate hike expectations further into the future, along with worries that persistently low inflation will keep rates at their historic lows for a longer time. 
 
The forthcoming election is a source of uncertainty likely to trouble investors. The result is unusually difficult to predict. The most probable outcome is a coalition or minority government. Small parties could wield unusually large influence. Weak government is in prospect. Markets, including sterling, will not take kindly to a new chancellor back-pedaling on responsibility for public spending.
 
Sterling is currently being traded around 1.4760 area. Pair is likely to find support around 1.4730 and resistance above 1.4850 level. 
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