Sterling stable above 1.48 handle ahead of NFP report
It is a less volatile session for Sterling which is currently being traded around 1.4820 area as there are no data releases from the UK and banks are being closed in observance of Good Friday holiday. Despite recent rather good economic data, inflation worries persist, but also May's parliamentary elections are pushing pair lower as it is becoming obvious that there will be no single winner.
The latest opinion polls point to a hung parliament, in which no single party can form a government on its own, leaving open the possibility of a whole range of coalition agreements.“There’s no doubting that the UK fundamentals are consistently robust, but traders have chosen to ignore relatively strong economic data once again,” said Jamel Ahmad, chief market analyst at FXTM, adding the May 7 election was weighing on sentiment.
Pair is likely to finds support around 1.4750 area and resistance above 1.49 level. Later today, in the US session NFP figures are scheduled for a release.
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