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Steadier beginning of the week for Sterling

Monday, Apr 06 2015
There are no data releases from the UK today with banks being closed in observance of Easter Monday holiday, so we have rather quite session for Sterling. Primary concerns are still next rate move and upcoming parliamentary elections. Neither Cameron’s Conservatives nor Ed Miliband’s Labour Party have a clear lead in the polls, while a possible referendum on Britain’s EU membership, promised by the Conservatives, is adding to nervousness among investors.
 
 
On the other hand latest GDP data showed 0.6% growth in fourth quarter. The upward revision in GDP again provides reassurance that the recovery is very much on track. The fact that consumption remains strong suggests that there is no real risk of the Bank of England having to cut interest rates. This is in line with latest statements of BoE members indicating next move is likely to be rate hike. 
 
Sterling is currently being traded around 1.4940 area. Pair is likely to find support around 1.49 handle and resistance above 1.4970 level. Later today, in the US session, Non-Manufacturing PMI figures are scheduled for a release.
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