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Sterling still in a downtrend

Tuesday, Apr 21 2015
There are no data releases from the UK this morning with Sterling still in decline while traders await for tomorrow's BoE Meeting Minutes. What is quite obvious now is that we cannot expect that BoE will raise its interest rates before 2016. Also, focus will now be on upcoming parliamentary elections, with polls showing neither party has majority. This could put extra pressure on Sterling in weeks to come.
 
Sterling is very much influenced by the state of Eurozone economy, since UK is part of EU and has strong trading activity with the members. Recent reports expect the Eurozone recovery to boost trade – with UK exports predicted to rise by 5.9% this year and 4.9% in 2016.
 
Sterling is currently being traded slightly below 1.4870 level. Pair is likely to find support around 1.4850 area and resistance above 1.4930 level. There will be no major data releases in the rest of the session.
More in this category: « Aussie lower after RBA Meeting Minutes Mixed Economic Sentiment figures »

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