Sterling slightly lower in a less volatile Monday's session

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Monday, Feb 09 2015

There are no data releases from the UK today, so Sterling is being traded in a tighter range within 50 points, currently around 1.52 area. As long as pair remains above 1.52 handle we are optimistic and believe that it could move higher. Pair was set back on Friday as NFP figures came out better than forecasted while UK Trade Balance widened in December.

Traders are likely to be cautious with this pair ahead of Thursday's BoE Inflation Report. Despite falling inflation, according to the latest statements of BoE Governor Mark Carney we could still expect rate hike in the foreseeable future. Labour market conditions are now stable for over a year, while recent PMI figures all showed growth.

We can expect less volatile rest of the session as there will be no major data releases from USA. Pair is likely to find support around 1.52 area and resistance above 1.5260 level.

More in this category: « Euro little changed at the beginning of the week NAB Business Confidence lower than in December »

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